According to the news agency Yonhap: The government said Monday it will make a decision on a proposed shutdown of all cryptocurrency exchanges after “sufficient consultation and coordination of opinions” as the proposal sparked confusion in the market and anger among investors.
The Office for Government Policy Coordination made the announcement, downplaying the justice minister’s remark last week that the government is working on legislation to close all virtual currency exchanges to fight speculation.
“The proposed shutdown of exchanges that the justice minister recently mentioned is one of the measures suggested by the justice ministry to curb speculation. A governmentwide decision will be made in the future after sufficient consultation and coordination of opinions,” the office said in a statement.
The government has been struggling to bring cryptocurrency speculation under control with a series of measures, including a regulation requiring real-name transactions in virtual currency trading, but the overheated market has shown few signs of cooling down.
On Thursday, Justice Minister Park Sang-ki even said that the government is working on legislation that includes a complete shutdown of all virtual currency exchanges in the country. The remark sent cryptocurrency prices plummeting and sparked angry reactions from investigators.
As market confusion and investor anger deepened, the presidential office Cheong Wa Dae stepped in hours later, saying no decision has been made on the proposed shutdown. But the perceived flip-flop led to criticism that the government is handling the matter in an amateurish manner.
Monday’s announcement suggests that a shutdown is not likely in the near future.
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