Conflicting reports today, Jan. 11, have led to confusion after a South Korean minister announced plans of a bill intended to ban cryptocurrency trading in the country.
According to Reuters, South Korean officials are working on documentation that will make it illegal to trade virtual currencies on local exchanges.
The country’s Justice Minister Park Sang-ki said the decision comes in the wake of discussions and agreements between governmental departments, including its Finance Ministry and financial regulators.
Reuters reported that Sang-ki announced the ban in a press conference, stating:
“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.”
However, South Korea-based Cointelegraph contributor Joseph Young reported on his personal Twitter today, citing local sources, that the South Korean Ministry of Strategy and Finance does not agree with the proposal from the Ministry of Justice to ban cryptocurrency trade in the country. Young reports that a final decision has yet to be made.