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March 29, 2024

‘Shuttering cryptocurrency exchanges still a valid option’

PUBLISHED : January 16, 2018 - 14:09

UPDATED : January 16, 2018 - 14:25

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[THE INVESTOR] A day after a high-ranking government official said the government was not considering shutting down cryptocurrency exchanges, Finance Minister Kim Dong-yeon said on Jan. 16 that it could be an option. 

“(Shutting down existing cryptocurrency exchanges) is still a valid option, but it needs to be reviewed thoroughly among related government agencies,” said Kim, who also doubles as deputy prime minister for economic affairs, in a radio interview, adding that there were possible side effects of a shutdown, such as black market trading and excessive capital outflows.

 

Deputy Prime Minister Kim Dong-yeon.



He also apologized for the government’s inconsistent attitude, which is infuriating investors and even the general public here.

“I regret that the government has failed to maintain consistency,” said the minister. “A package of anti-speculative measures, such as taxes and enforcing real-name transactions, will soon be prepared after further consultations.”

On Jan. 11, Justice Minister Park Sang-ki evoked public fury by saying in a press meeting that the ministry is preparing a bill for banning cryptocurrency trading altogether and ultimately shutting down exchanges. Cheong Wa Dae later said the proposed shutdown of the exchanges was not a final decision and needed to be discussed more thoroughly.

By Kim Young-won (wone0102@heraldcorp.com)

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