The South Korean Prime Minister stressed that closing the Crypto exchanges is not a serious deliberation. His statement eliminates any confusion in the market as to whether Korean regulators are still considering this option.

On Tuesday South Korean Prime Minister Lee Nak-yeon has responded to opposition party questions regarding the government’s strategy on cryptocurrencies at the National Assembly’s meeting, local media reports.

“There has been a harsh criticism of the government for confusion among ministries around the direction of virtual currency regulation,” Dailian reported.

During the session, Lee was quoted by the Kyunghyang Shinmun saying:
“Closing [cryptocurrency] trading is not a serious consideration now. This is one of the many possibilities.”

In addition to legal considerations, Lee explained that closing the crypto exchanges “will require a lot of discussion, debate and time,” adding that “I’m thinking of how this will affect the market,” Edaily said quoting Lee.

Criticism of the action of the Ministry of Justice

During the meeting, the representative of the People’s Party Chae Yi-bae told the Prime Minister that since the Minister of Justice, Park Sang-ki, announced the ban of the cryptocurrency exchanges, the position of each ministry caused turbulence.

Parliament Member Ha Tae-keung said:

“ I understand the goodwill of the government in terms of virtual currency, but the policy is too amateur … The government, which must heal the pain of the people, has intensified the suffering.”

Also Read: India pursues crypto currency holders for tax

Chae and Ha’s remarks are in response to a statement made by the Minister of Justice at a press conference on January 11, when he said: “We are preparing a bill to ban virtual currency trading.

The news immediately became viral, driving down cryptocurrency prices before other Korean regulators could clarify that the announcement was solely the opinion of the Minister of Justice.

Park recently apologized for his action. “I apologize for the confusion,” he said of his statement “closing virtual currency exchanges,” Maekyung reported.

Kim Dong-yeon, Deputy Prime Minister and Minister of Strategy and Finance, recently said in a recent radio interview that

“In the near future, a coherent and comprehensive position of the government will emerge in an appropriate context and desirable form. “

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