South Korea says planned ban on cryptocurrency market not yet finalised

A man looks at the electronic signboard of a Bithumb cryptocurrency exchange in Seoul, South Korea.
A man looks at the electronic signboard of a Bithumb cryptocurrency exchange in Seoul, South Korea.PHOTO: EPA-EFE

SEOUL (REUTERS)- South Korea said on Monday (Jan 15) that its plans to ban virtual coin exchanges had not yet been finalised as government agencies were still in talks to decide how to regulate the market.

"The plan to ban cryptocurrency exchanges, recently mentioned by the nation's justice minister, is one measure in talks to curb speculative investments, which the government will carry on with enough discussion for before finalizing the decision," an official at the Office for Government Policy Coordination told a news conference.

On Jan 11, Justice Minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.