PM:Shutdown of cryptocurrency exchanges impossible without National Assembly approval

January 16, 2018

SEOUL, Jan. 16 (Yonhap) — Shutting down cryptocurrency exchanges is impossible without approval from the National Assembly because new legislation would be required to do so, Prime Minister Lee Nak-yon said Tuesday.

Virtual currency regulations have been one of the hottest issues in South Korea since the justice minister said last week that the government is working on legislation that includes a shutdown of all exchanges. The remark sent cryptocurrency prices tumbling and sparked angry reactions from investors.

As market confusion and investor anger deepened, the presidential office Cheong Wa Dae stepped in hours later, saying no decision has been made on the proposed shutdown. But the perceived flip-flop led to criticism that the government is handling the matter in an amateurish manner.

On Tuesday, Lee defended the government, saying the justice minister’s remark was misunderstood.

“What the justice ministry is going to do is not immediately shut down (exchanges),” Lee said during a lunch meeting with reporters. “As this is a legislative issue, it is not possible to shut them down without going through the National Assembly.”

The Office for Government Policy Coordination said Monday that the government will make a decision on a proposed shutdown of all cryptocurrency exchanges after “sufficient consultation and coordination of opinions.”

The announcement suggests that a shutdown is not likely in the near future.

The government has been struggling to bring cryptocurrency speculation under control with a series of measures, including a regulation requiring real-name transactions in virtual currency trading, but the overheated market has shown few signs of cooling.



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    February 2, 2018 at 8:57 PM

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  7. human

    February 8, 2018 at 3:09 PM

    Those things are fake forged in your brains feel similar as realities in real world by ‘computers now controled by evils’. They may cause same feelings, but they do not have same effects.
    If you are in the real world ,you will know how those things are generated. But ,you are in a fake world, you can not understand those.
    The only way to go back to your lives in the real world is having killed social evils and shut down evils-controled ‘computers’.
    The so-called ‘universe’ and ‘earth as a planet’ are fake. Social evil’s intention of doing these criminals is to make people like you do harming criminals each other like evils have done . And rewards of criminals you do are fake things and artifact feelings and a bad fake life.
    Social evils can do these criminals does not mean that they have big talents. On the contrary, the ‘computers’ used by social evils doing these criminals were stolen by social evil from the previous human-being that killed by social evil.
    In the real world, there is only one truth that is the human hierarchy order. However,in fake ‘worlds’, there are a lot of so-called principles and theories, but those principles are generated by ‘evil-controled computers’. And also your fake ‘life ,abilities, every contradiction and conflict ‘ were falsely set and fixed when you were born in fake worlds by social evils used civilization that they had stolen from previous human.

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