S. Korea is working on a bill that may ban trading of cryptocurrencies.
News of the bill comes from S. Korea Justice Minister Park Sang-ki. While this news isn’t good for investors of virtual currencies, it also doesn’t mean that a ban is a sure thing. The government later responded by saying that the bill isn’t finalized and that it may not ban cryptocurrencies.
While news that S. Korea is working toward a possible ban sent bitcoin prices down $2,000 in the country on Thursday, it’s still a ways off. The bill would have to be signed by a majority of the country’s 297 members of the National Assembly. This could take months or years and won’t be possible until the bill itself is complete.
Citizens in S. Korea are already speaking out against a possible ban on cryptocurrencies. This includes over 55,000 of them signing a petition asking the government to reconsider a ban. Even if a ban goes into effect, those living in the country can likely still find ways to trade the virtual currencies, such as heading overseas, reports Reuters.
S. Korea’s talk of a ban on cryptocurrencies comes during a time when the virtual currencies are gaining in popularity. This growth has also caught the attention of the U.S. government. This has promoted the U.S. Securities and Exchange Commission to release warnings about the dangers of bitcoin and other cryptocurrencies, and initial coin offerings.
Despite concerns from the government, the craze surrounding cryptocurrency has peaked the interest of several companies. This includes comments from Helios and Matheson Analytics Inc (NASDAQ:HMNY) making its own blockchain, Eastman Kodak Company (NYSE:KODK) launching its own virtual currency and Long Blockchain Corp(NASDAQ:LBCC) rebranding to focus on cryptocurrency.
As of this writing, William White did not hold a position in any of the aforementioned securities.