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South Korean Officials Denied Ban on Cryptocurrency Exchanges

The South Korean government on Thursday said it intends to ban cryptocurrency exchanging, sending bitcoin costs plunging and tossing the virtual coin market into turmoil as the country’s police and tax authorities struck local exchanges on charged tax avoidance.

Nevertheless, later Thursday, South Korea’s presidential office said the restriction on the nation’s virtual coin trades had not yet been settled.

“Justice Minister Park’s remarks identified with shutdown of cryptocurrency exchanges are one of the measures arranged by the Ministry of Justice, yet it’s not finalized,” a representative told correspondents in an text message.

Prior on Thursday, the clergyman, Park Sang-ki, said the legislature was setting up a bill to boycott exchanging of the virtual cash on local trades.

“There are incredible concerns with respect to virtual monetary standards, and equity service is fundamentally setting up a bill to ban cryptocurrency exchanging through trades,” said Park at a public interview, as per the ministry’s press office.

The clampdown in South Korea, a vital source of worldwide interest for cryptocurrency, came as policymakers around the globe attempted to control a benefit whose value has soar in the course of the most recent year.

criticism against the Ministry of Justice

According to news published in south Korean website- The opposition parties, such as the right-wing party and the people’s opposition parties, have voiced criticism, saying, “There should be no detailed review and coordination,” and “we should prepare measures instead of crackdowns,” according to the statement by the justice minister Park Sang-ki.

A key spokesman for the Dongbang Dongbang political party commented at 5:10 pm on November 11, criticizing the government’s administration, saying, “The announcement of the government’s closing of the virtual currency exchange is a nation-wide passing.” “The government recently said it would consider imposing a transaction tax on virtual money. Today, the virtual currency trading is gambling, so I was going to close the exchange. In the meantime, a lot of people’s property has evaporated, and the Blue House is a position for the Justice Department, not a government position, “said Yu Yong-seok, a spokesman for the Korea Foundation. did. The right political party commented, “The government announcement should be based on detailed reviews and coordination. If there is a problem, we should warn and prepare in advance, “he said,” the behavior we showed today was the opposite”.” Minister of Justice Park Sang-ki, who is responsible for the announcement today, has lost confidence.” Moon Jae-in, the president, should apologize to the people and respond appropriately against the nation’s citizens and the nation’s citizens. ”

 

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