Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes an all-out ban.
We are discussing to what extent the government will regulate the trade. Including the prohibition of trade. he said at an at a luncheon meeting on Monday.
The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.
If South Korea is banning all kinds of transactions in cryptocurrency, I think the main reason they did that is because they don't want cryptocurrency to dominate and kill their local currency which is Korean Won. Just like what China did where it's government strengthen fiat money and trash the cryptocurrency. This is the truth about war between centralized and decentralized assets. But at the end of the day people can still be part of the revolutionary coins and no one can ever stop it unless the use of internet connections are prohibited. I hope that one day these countries will realize the true meaning of freedom. This actions will lead to enthusiasts leaving their respective countries and will be moving into crypto friendly counties and will help boost it's economy.