South Korea does not intend to ban cryptocurrency trading, the country’s finance minister said on Thursday.
South Korea’s finance minister Kim Dong-yeon said on Thursday that the government has no plans to shut down cryptocurrency trading, according to the report from Reuters.
In response to a question from a lawmaker on the government’s plans for regulation of the cryptocurrency industry, Kim Dong-yeon said, “there is no intention to ban or suppress cryptocurrency [market].” He added the government’s immediate task is to regulate exchanges.
The country’s customs earlier on Wednesday announced it had uncovered illegal cryptocurrency foreign exchange trading worth nearly $600 million. “Customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force,” it said.
At the press time Bitcoin price is down more than 7% for the last 24 hours and currently trading above $10,200, according to the data from CoinMarketCap. The total market capitalization of all cryptocurrencies is $511 billion.
The story will be updated later.