On January 11th, 2017, the South Korean Ministry of Justice reportedly confirmed a plan to shut down all cryptocurrency exchanges. However, a statement was soon issued by South Korea’s Presidential Office that such a policy has not been finalized. The unclear situation has brought backlash from local residents and politicians, especially as reports surface that government officials have made significant money in cryptocurrency positions as prices move in response to government statements on regulation.
The government may reach a final statement on cryptocurrency regulation on January 25th, 2017. South Korea’s chief of the Financial Services Commission said: “(The government) is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law.” Separately, Bank of Korea Governor Lee Ju-yeol told a news conference that “cryptocurrency is not a legal currency and is not being used as such as of now.” (…)”
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