Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.As recently reported by CCN, the cryptocurrency market took a hit after the South Korea Ministry of Justice revealed it plans to continue drafting a cryptocurrency trading ban bill. The market soon started to recover, after the South Korea Ministry of Strategy and Finance came forward and stated that it does not support nor agree with the Ministry of Justice’s ban proposal.
Any draft legislation would require the parliament’s approval, which could take months to happen. Moreover, the timing seems odd at best, with local elections upcoming this year. Cryptocurrencies are popular in South Korea, so much so that a petition opposing the potential ban already gathered nearly 100,000 signatures.
Several South Korean opposition parties, according to local news outlet Hani, took advantage of the trading ban fiasco, by pointing out that instead of cracking down on cryptocurrency exchanges, regulations should be drafted, and that there should be “detailed review and coordination” on the subject.
A spokesperson for an opposition party notably pointed out that a lot of people lost money because of the government’s announcement. The spokesperson said (roughly translated):
“The government announcement …
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