Country’s minister of finance, Kim Dong-yeon, confirmed the news and announced backing for the technology.
South Korea has defied reports that it will be banning cryptocurrency trading.
According to Reuters , the country’s minister of finance, Kim Dong-yeon, confirmed the news on Wednesday.
“There is no intention to ban or suppress cryptocurrency (market),” Kim said, before adding that the country will look to further regulate the industry.
In its infancy, cryptocurrencies have been seen as the platform for criminals, trading in narcotics, drugs and firearms. Frequent news of fraudsters using cryptocurrency as a platform for fraud has only added fuel to an already blazing fire.
The media have reported before how different countries were banning the use of cryptocurrencies, their trading, as well as the practice of ICOs, or Initial Coin Offerings.
By Sead Fadilpasic.
Full story at ITpro Portal.
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