South Korea will not prohibit, at least for the moment, the use of Bitcoin and other cryptocurrencies in the country, although it will establish regulations to prevent theft, fraud, scams and money laundering.

In recent days, information has spread through the network that South Korea could ban Bitcoin and the rest of cryptocurrencies or significantly restrict their use in the country. This information cited as a source a member of the country's Ministry of Justice, who would have said that they would ban all cryptocurrencies because they encourage scams and money laundering. Today it has been the government who has come out to deny the information and explain that they will only implement some regulatory measures, while they continue to debate.

The problem is in the statements of Choi Jin-seok, the country's prosecutor, who studies several crimes related to cryptocurrencies, who has explained that the total prohibition of cryptocurrencies in the country is not ruled out, as a measure against these crimes. The affirmations were referred to the Bitcoin futures, recently inaugurated and that would have the South Korean government restless. Due to this, the President of the Financial Services Commission, Choi Jong-ku, said at a press conference that they have conflicting positions on this issue, but that the government will soon be able to apply conditions to the use of cryptocurrencies and that will continue to discuss regulation, because it is not possible to establish a ban to minimize crimes in the cryptocurrency market, because there is no legal framework.

The institutions are expected to establish conditions to guarantee the fulfillment of the obligations between the parties. Users must give their real identities through interviews and proof must be provided to show income. Those who bid will be obliged to conveniently inform clients about the risks of the investment and impose a cryptographic key to avoid money laundering.