News concerning South Korea’s cryptocurrency trading ban has caused bearish pressure on Bitcoin prices. Yet, South Korea’s Presidential office mentioned today that legislation has not been “finalized.”
“Justice Minister Park’s comments related to the shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it’s not a measure that has been finalized” says a Presidential Office spokesman as quoted in Reuters.
Even if legislation is approved, its effect may not be immediate as many fear. As Reuter states, “once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.”
Regardless, the fear of a massive exchange shutdown remains as South Korea’s government contemplates its options for hampering speculative activity that it deems excessive.
There have also been reports of police and tax officials raiding exchanges Bithumb and Coinone; the latter for alleged tax evasion.
Within the last 24 hours, Bitcoin prices have tumbled. At the time of this writing, the price for one bitcoin stands at $13,225.
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