Home Altcoin Korea’s Justice Ministry Considers Total Ban on Bitcoin Trading: Report

Korea’s Justice Ministry Considers Total Ban on Bitcoin Trading: Report

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The South Korean Ministry of Justice is reportedly planning to outlaw buying and selling of all cryptocurrencies together with bitcoin.

Citing an official from Korea’s Ministry of Justice, the Nikkei revealed a report with quotes from the ministry official suggesting a whole ban on all cryptocurrency buying and selling in Korea, now firmly established as one of many world’s largest cryptocurrency buying and selling markets. The draconic transfer, which is definite to fulfill opposition from different legislators together with Korea’s finance ministry, is being thought-about as a way to defend retail buyers from potential scams, in keeping with the official.

In clear statements on Monday, the report cites Choi Jin-seok – a prosecutor on the Justice Ministry in command of cryptocurrency-related crimes, as stating:

We don’t rule out an choice that bans buying and selling of [all] cryptocurrencies. We acknowledge many issues stemming from the commerce and are learning learn how to management them.

The hardline ban, if enforced, will take after China’s precedent in finishing up crippling measures to successfully shutter its native bitcoin trade. Korea has already adopted China’s cue in imposing a whole ban on preliminary coin providing (ICO) fundraising, though regulators have since hinted at a softer regulatory strategy that may reverse the ban.

The Justice Ministry’s plan “will almost certainly face opposition inside the government”, the report additional added, pointing to a number of endeavors by Korean authorities ministries to control – in impact legalize – the tremendously standard cryptocurrency trade.

For occasion, Korea’s National Tax Service – working beneath the purview of the Ministry of Strategy and Finance – is drawing up a framework to implement earnings taxes on cryptocurrencies. Earlier in July, Korean politician Park Yong-jin, a lawmaker and member of the ruling Democratic Party got down to draft a number of revisions to current laws to mandate laws for cryptocurrencies, an effort that’s firmly taking form within the nation.

The transfer to control the native bitcoin trade started with a promise to introduce laws by the chief of Korea’s Financial Services Commission (FSC) – the nation’s major monetary regulator – final yr.

As reported by CCN, FSC chairman Yim Jong-yong mentioned on the time:

The authorities will push for the systemization of digital forex on a full scale in tandem with a worldwide development within the U.S., Japan and different international locations.

As to how the supposed ban on cryptocurrency buying and selling might happen, the Nikkei report cites sources inside Korea’s Justice Ministry claiming that “many prosecutors are leaning towards considering cryptocurrencies themselves a scam” as they aren’t backed by a financial authority or a authorities. Such a classification would give the Justice Ministry the authorized go-ahead to use Korea’s felony code and successfully ban cryptocurrency buying and selling.

Featured picture from Shutterstock.

Last modified: May 20, 2020 9:16 PM UTC

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