South Korea’s Cryptocurrency Trading Ban Is No Done Deal
The government of South Korea is considering a ban on cryptocurrency trading, but it’s by no means guaranteed to come into effect.
The news: The nation’s justice minister revealed that the government is preparing legislation that would ban cryptocurrency trading on domestic exchanges, citing “great concerns” about the technology. There are also reports that government officials raided the offices of at least two popular exchanges this week.
Why it matters: Digital-currency trading has become immensely popular in South Korea, and it’s now the world’s third-largest cryptocurrency trading market. The crackdown appears to have spooked investors and may have played a role in the latest drop in the price of Bitcoin and other cryptocurrencies.
But: A ban is far from a done deal. Once the bill is written, it will require a majority vote of the National Assembly, which means it could take “months or even years” to pass, if it ever does, according to Reuters.