South Korea mulls cryptocurrency ban but it's far from finalized

In addition to the announcement of the bans, South Korean cryptocurrency exchanges reportedly got a nasty surprise recently when police and tax officials reportedly raided their offices.

South Korea's justice minister said a bill is being prepared to ban all cryptocurrency trading, Reuters reported Thursday, citing Yonhap.

Amid growing concerns that lack of regulation will present too big a challenge to monitor and control the cryptocurrency, South Korea justice minister Park Sang-ki revealed in a statement yesterday that the plans are in the works to create a bill banning the cryptocurrency trading of any kind.

Any cryptocurrency ban would need a majority vote from the National Assembly, which could take months or years, Reuters said.

The prospect of a ban on cryptocurrency trading by South Korea, among the largest venues for cryptocurrency trading, was playing on the minds of traders and investors this morning as the price of bitcoin and other cryptocurrencies slid further. The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.

"A bill will be introduced after detailed discussion between related government agencies", he said. In recent trade, bitcoin prices were trading over 11.3 per cent lower at $13,200. In Dec. 2017, the country made it more hard to trade cryptocurrencies anonymously, threatening the possibility to ban cryptocurrency trading altogether.

His remarks are in line with the government's stern resolve to tackle the irrational cryptocurrency market here that many observers now say has reached a critical level.

But the MSF disagreed, saying, "We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban".

To make matters worse, there was also news that the South Korean Justice Department was preparing to roll out legislation that would ultimately end in the closing down of South Korea's cryptocurrency exchanges.

The cryptocurrency market in South Korea is estimated to account for 20-25 percent of the global trading market.

The nation's tax office and police declined to confirm whether they raided the local exchanges. Closing the exchanges in such a critical market deals a blow to the prices of cryptocurrencies and to the development of the blockchain technology, which needs investment.

Earlier this week, South Korean authorities begun inspecting six banks to check wether they were requiring real names for accounts and following rules against money laundering. The 1,500 percent rise in value of bitcoin has attracted college students, housewives, and others to invest in cryptocurrencies.

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