Last week focuses on speculation about whether the ban on trading in cryptocurrencies in South Korea can actually come to fruition. The Minister of Justice spoke about likely regulations, the office of the president denied. The market reacted to this information extremely sharply. In the light of red candles come to us further information that can shed new light on this problem.
Sang-jo, president of the South Korean Free Trade Commission (FTC), said that the introduction of a ban on trading in cryptocurrencies on the stock exchanges is an unrealistic solution. He justified his thesis with the lack of appropriate regulations in the legal system of South Korea, which could lead to the demarkling of cryptoclips. For this reason, their closure seems not only unrealistic, but also impossible in the current situation.
The FTC also investigates whether cryptocurrency exchanges did not violate e-commerce rights. Sang-jo added that even if fraud is detected as a result of the investigation, it will not be enough reason to close the cryptocurrency exchanges.
Such restrictive action as the prohibition of trading on stock exchanges is against the principles of the free market. Sang-jo reminds that everyone in these conditions is responsible for their investments.