Spokesmen for the Government of South Korea, come out to explain that the country is not considering banning Bitcoin and cryptocurrency exchanges in the country, thus ending the unfounded rumors of recent days.

Speculation has ended as to whether South Korea would outlaw the exchange in the country and operations with Bitcoin and the rest of cryptocurrencies and it was made a few moments ago, through a press conference, by the spokesman of the Executive House of the President of South Korea's Moon Jae-in, along with Blue House spokesman Jeong Ki-joone, who have had to come out to declare that there will be no ban on cryptocurrency trading in the near future, ending all rumors suddenly.

Within the official announcement, Jeoing has highlighted that the tasks of regulation and control of the cryptocurrency market, by the government, will improve and alter the proposal of the Ministry of Justice to prohibit the trade of cryptocurrencies and implement practical regulations that promote the market of cryptocurrencies. Jeong in a statement said:

First, the South Korean government will crack down on anonymous cryptocurrency trading accounts and punish market manipulation, money laundering and fraudulent transactions, through joint investigations involving local police and financial authorities.

Second, the cryptocurrency trading ban proposal introduced by the Minister of Justice, Park Sang-ki, was a suggestion by the Ministry of Justice on December 28 to bring speculation within the cryptocurrency market under control. The proposal will be discussed and modified by the working group in which the Ministry of Strategy and Finance, the Central Bank, the Fair Trade Commission and other agencies participated.

Third, excessive speculation and fraudulent activities will face serious consequences. But, the Government will support and even finance the development of blockchain technology.

It is expected that the ban on foreigners and investments of minors, who want to trade with cryptocurrencies, will be implemented on January 20 and by the end of the month, also, it is expected that the South Korean exchanges will reopen the registrations to new users and investors. The government's statement, following the attacks by several senior officials, are forceful and even, former congressman and member of the National Assembly, Nam Kyung-pil has stated the following: 'Calling Bitcoin a tulip bubble is ridiculing the people from South Korea. It is an unfounded condemnation of the coin. The government should focus on promoting crypto market if it does not want to be left behind '

Bithumb and Korbit, the two largest exchange houses in South Korea, welcome the government's new approach to regulating and promoting the market. A Bithumb spokesperson, to the Yonhap News outlet, has commented that they are now imposing practical regulations and South Korean exchanges will comply with the new rules and policies, to ensure that everything continues to operate in a transparent, fair and stable manner.