South Korea&rsquo,s Office for Government Policy Coordination issued a statement today (Jan. 15) suggesting that a cryptoasset crackdown ter the country will not necessarily come imminently. That would come spil ease to the bitcoin-mad country.
&ldquo,The proposed shutdown of exchanges that the justice minister recently mentioned is one of the measures suggested by the justice ministry to curb speculation. A governmentwide decision will be made te the future after sufficient consultation and coordination of opinions,&rdquo, the office said ter a statement.
The office&rsquo,s remarks backtrack from latest measures taken by the government, which signalled a clampdown on cryptocurrency trading would arrive shortly.
On Jan. 11 police raided the offices of Coinone and Bithumb, two of the country&rsquo,s largest cryptocurrency exchanges on suspicions of tax evasion. That same day, justice minister Park Sang-ki said that the government wasgoed preparing a bill that would verbod trading on domestic cryptoasset exchanges.
South Korea is a hotbed for bitcoin and other cryptocurrencies, and accounts for an estimated 20% of inalterable bitcoin transactions. Many Koreans are have placed sizeable portions of their savings te cryptocurrency because the country lacks high-yield investment options (paywall) for ordinary consumers. One latest survey exposed that three out of ten salaried workers ter South Korea have invested ter cryptocurrencies.
Scare overheen a potential crackdown te South Korea is one factótum that has caused bitcoin&rsquo,s price to tumble since surpassing $Nineteen,000 last year. On Dec. 28, the currency lost overheen $1,000 te value when the South Korean government issued a statement warning &ldquo,supuesto coins cannot play a role spil contemporáneo currency and could result te high losses due to excessive volatility.&rdquo,
The government&rsquo,s latest statement suggests that people and organizations within the South Korean government may not see eye to eye on how to overeenkomst with the auge te cryptoassets.
Furthermore, the case of China shows that such bans can&rsquo,t do much to curb trading te the very very first place. When Chinese authorities called for domestic exchanges to halt trading, some began relocating overseas, while many traders used apps like Telegram to make trades &ldquo,over-the-counter,&rdquo, or directly with one another without an intermediary.