Cryptocurrency & Blockchain Business

South Korea’s FCA: Banning Cryptocurrency Is Illegal

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South Korea’s leading consumer protection agency blamed the FSC for its sloppy handling of the current political situation and insists that a cryptocurrency ban is, in fact, illegal.

In case there was any doubt the South Korean government is absolutely split on the idea of banning cryptocurrencies, one more state agency has added to the confusion by airing its opinion on the matter.

This time, it is the Financial Consumer Agency (FCA), which says that it’s illegal to prohibit trade in cryptocurrencies.

“The government has yet to establish the legal grounds over related laws for consumer protection, in particular in the cryptocurrency market. Who is to blame for lots of negative news about the craze in the cryptocurrency market? It doesn’t make any sense that markets and investors should take responsibility,” the FCA said.

The agency believes that President Moon Jae-in should take charge of the situation and prevent confusion from escalating further.

We have yet to see an official statement from the President either endorsing or condemning a ban on cryptocurrency trading despite the fact that a petition urging his response surpassed the 200,000-signature threshold.

As of now, several agencies have unveiled their stances, but nothing definitive has yet materialized.

The only institution to budge was the justice ministry, which insisted that it was banning cryptocurrencies until it was shot down by both the Office for Government Policy Coordination and the Residence of the President.

The FCA blames the Financial Services Commission (FSC) for the confusion that has reigned over the last few weeks.

“Financial Services Commission Chairman Choi Jong-ku showed his inability to take on the issue. Relevant government offices need to present a unified stance and clear message to the market along with measures over how to enable the digital currencies to transform the finance industry,” the FCA continued.

If the agency’s statement proves to carry weight with the government of South Korea, this may spell the beginning of the end for any talk about a cryptocurrency ban.

Author: Miguel Gomez 

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