Don't panic just yet, South Korean regulators are putting a stop to the rumours that the government is banning all crypto transactions.
The confusion came after local publications quoted a government official saying they are "considering" a ban in the country as a way to cool down the digital currency craze. The announcement follows Prime Minister Lee Nak-yeon's harsh warning that cryptocurrencies might "corrupt the nation's youth." Last month he urged regulators to create a task force alluding to crypto as a gateway to pyramid schemes and speculative investment if left unchecked.
Korea's top financial watchdog, the FSC (Financial Services Commission) Chairman Choi Jong-ku noted that the ministries are in discussion over the extent of trade regulation. As of now, several government groups involved in the virtual currency task force are of divided opinion on the matter-- some in fear of stifling crypto and fintech innovation. But Choi confirmed that any decision to prohibit transactions must have legal basis.
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