October 20, 2018

‘Banning cryptocurrency exchanges needs more consultations’

PUBLISHED : January 12, 2018 - 14:30

UPDATED : January 12, 2018 - 14:30

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[THE INVESTOR] Finance Minister Kim Dong-yeon said on Jan. 12 that relevant ministries need to hold more consultations over the Justice Ministry’s plan to ban cryptocurrency exchanges, but the government will continue to take actions against speculative investment in virtual coins.

The remarks by Kim came a day after Justice Minister Park Sang-ki told reporters that the ministry is preparing for a bill to ban cryptocurrency exchanges at home.

“The issue of shutting down (cryptocurrency) exchanges, told by the justice minister yesterday, is a proposal by the Justice Ministry and it needs consultations among ministries,” Kim said.

Although it would take months or even years for a bill to become a law, the Justice Ministry’s announcement sent local prices of cryptocurrencies and cryptocurrency-related stocks into a tailspin.

Tens of thousands of people filed an online petition, asking the presidential office to stop the clampdown against cryptocurrency trading.

By Alex Lee and newswires (

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