Traders Cheer as South Korea Backpedals on Cryptocurrency Trading Ban

Evidently, you can fight City Hall. The South Korean government te response to a petition signed by hundreds of thousands of locals tipped its palm toward cryptocurrency policy, and the outlook is much better than expected. While traders were gearing up for an all-out verbod on cryptocurrency trading, it turns out they had nothing to sweat, spil the South Korean government emerges to be leaning toward green-lighting cryptocurrency exchanges.

Rather than take the treatment of China, a relationship that is on the mend, South Korea has opted to make transparency a key concentrate of cryptocurrency trading ter the spirit of “fostering blockchain technology.” It’s a wilsbeschikking to what a concerted effort among a country’s population can do, particularly ter a government system that’s willing to listen.

On one arm, the South Korean government views bitcoin, trading and blockchain closely linked but they also view them through separate silos. Policymakers are focused on cryptocurrency transactions.

” I can assure you that the government has consistently maintained a close and careful treatment to market conditions and international trends, keeping all possible means open,” according to Hong Nam-ki, minister of the office for government policy coordination, ter a statement.

The South Korean government is also promising a swift response to any illicit trading activity te cryptocurrencies. “It is the basic policy of the government to prevent illegal acts and opacity ter the process of virtual currency transactions,” the statement read.

Presidential Petition

Last month, the South Korean government said it intended to “curb speculation,” the very first step ter which appeared to be to shuttering exchanges. Te addition to triggering a spiral ter the bitcoin price at the time, the warning also inspired a backlash from citizens, spil evidenced by a petition signed by almost 300,000 residents objecting to the geobsedeerd and pleading with the government not to make “unfair regulations on virtual currencies.”

The petition made its way to Voorzitter Moon Jae-in via the Blue House webstek, spil the voorzitter’s approval rating fell alongside the bitcoin price at the time.

While policymakers around the world proceed to wrestle with varying opinions and numerous facets of the cryptocurrency market, one thing is clear – South Korea is a key market for bitcoin trading. The government’s position to seemingly accept cryptocurrency trading is a win not only for the country but for the cryptocurrency community at large.

South Korean policymakers have taken some measures, such spil banning cryptocurrency trading from anonymous accounts and they also project to implement a tax on the digital assets. But thesis steps are more reasonable than an all-out verbod.

South Korean bitcoin trading volume reached greater than 12% of the total combined BTC trading ter latest months, spil vanaf CryptoCompare gegevens cited te CNBC.

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