After coming with a decision to ban cryptocurrency trading, South Korea may be now reconsidering its decision. The country’s government just came out with a statement saying that the ban will be enforced once enough consultation and opinions are coordinated and taken into consideration.
According to the South Korea’s news agency YonhapSoutht the South Korea’s Office for Government Policy Coordination said:
“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 government-wide decision will be made in the future after sufficient consultation and coordination of opinions.”
While South Korea seemed adamant on their decision to ban cryptocurrencies, the Finance Minister said that more consultation is needed on the issue, as reported by CNBC.
The decision of South Korea to tame the “heat” in the market comes from the fact that the cryptocurrency market has now a market capitalization of around $700 billion. While compared to the world GDP of around $70 trillion, the crypto market seems a minute spot that is negligible, governments and financial institutions are worried about the issues with cryptos such as lack of regulation and centralization.
In addition, prices of cryptos such as Bitcoin and Ethereum are significantly higher in South Korea than around the rest of the world. CoinMarketCap just recently came under fire because it neglected to include the prices of Bitcoin and Ethereum by excluding market prices in South Korea. CoinMarketCap explained that the company does that with all cryptos to avoid huge volatility and deceiving of investors.