Not much longer than one calendar month ago, sometime in the middle of December, 2017, South Korean Finance Minister Kim Dong-yeon shared with the world that the country was planning on banning Bitcoin, Ether, Ripple, Monero, and all other 1,000-plus types of cryptocurrencies.
Fortunately for those interested in the world of cryptocurrencies, Kim Dong-yeon – the same person that made claims no longer than 60 days ago that South Korea was planning on banning all cryptocurrencies and their exchanges, for no apparent or legitimate reason.
Translated from his native tongue, Mr. Dong-yeon stated, “There is no intention to ban or suppress cryptocurrency [markets],” which was released in the form of a typed press release. Reuters was the first news agency to report the South Korean Finance Minister’ assurance of his own nation’s population that cryptocurrencies, their trade, and other related activity would not, although he essentially stepped back on his own assertions not even two months ago, in fact, be banned or suppressed.
Here’s What Happened In December, 2017, That Caused Public Outrage At The South Korean Government
Slightly more than one month ago – more or less, five calendar weeks ago – South Korea government officials released a statement that prohibited any and all cryptocurrency exchanges from offering trading accounts to new, interested individuals, even if they were already citizens of the country, had no criminal backgrounds, or meant any harm by trading Bitcoin or any other cryptocurrencies.
Further, the South Korean government wanted to get the message of how serious it was about halting cryptocurrency activity, or at the very least, suppress it – here’s how. Officials shared that exchanges offering accounts to new users could either be shut down, or have all trading on such exchanges shut down in its entirety.
The statement released by the government claimed that such changes would begin taking effect in January, 2018.
Finally, South Korean finance officials were not at all accepting of anonymous transactions taking place through the power of cryptocurrency. As such, it required all traders to use their real, full names on such exchanges to make sure their identity wouldn’t be concealed.
Finance Minister Kim Dong-yeon Likely Didn’t Come Up With Such A Policy Overhaul On His Own
A petition was started within South Korea that garnered 200,000-plus signatures. In the country, the government must respond to all petitions with at least 200,000 signatures. In response, Dong-yeon decided the nation’s population would best be served by a repeal on all cryptocurrency suppression promises it made five weeks ago.