Korean government: “The law banning cryptocurrencies has not yet entered into force”

Yesterday, the South Korean government said that the plan to ban cryptocurrency exchanges has not yet been finalized. It was also reported that the South Korean Ministry of Justice is working on a bill that would completely ban such exchanges throughout the country, which would significantly complicate the trading of cryptocurrencies.

However, even if these measures are adopted, the law is unlikely to come into force in the near future. Earlier in their article, Reuters explained that in order for this law to come into force, a majority vote of all 297 members of the National Assembly is required. And this process can drag on for months, or even years. However, the Korean government did not always have such a negative attitude towards cryptocurrencies. In addition to Bitcoin being hugely popular in South Korea, in 2017 the government was considering the use of blockchain technology. However, their opinion changed dramatically after the Bithumb cryptocurrency exchange went down. 

Recall that in recent days in Korea, such exchanges as Bithumb and Coinone were subject to inspection by the police and the tax inspectorate. Exchange employees claim that authorized persons came to their office and conducted an investigation into tax evasion.

According to https://www.coindesk.com