South Korean Government Confirms No Trading Ban In The Near Future
In a public conference yesterday, the President's executive office spokesperson Jeong Ki-joon stressed that there will be no cryptocurrency trading ban in the near future.
Three things were mentioned in the official announcement by Jeong:
First, the government will strengthen cryptocurrency task force targeting anonymous trading accounts, those that manipulate the markets, money laundering and fraudulent transactions.
Second, the cryptocurrency trading ban was just a proposal by the Justice Minister and still to be discussed by the task force participated by the Ministry of Strategy and Finance, Fair Trade Commission, Central Bank and other agencies.
Lastly, the fraudulent activities and excessive speculation will be given severe punishments. However, the government will provide support, even financial aid to blockchain technology development.
With this, South Korean markets has become more optimistic and began to feel more secured in investing and trading cryptocurrencies with the new approach the government is taking.
South Korean Banks Reversed Decision To Stop Servicing Cryptocurrency Investors
As thousands of cryptocurrency investors in South Korea protested against the government, banks reversed their decision to stop servicing cryptocurrency accounts.
Six of the country’s major banks have stick to the initial plan which is to allow clients to open bank accounts for cryptocurrency transactions using their real names.
The original plan that the financial regulators mandated to the banks is to stop opening new accounts until they implement the new way to verify the accounts bear the real name of the customer, to stop money laundering.
This new system will be introduced around January 20, 2018.
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