"Justice Minister Park Sang-ki's remarks regarding the shutdown of cryptocurrency exchanges is one of the measures that have been prepared by the Justice Ministry, but it is not a finalized decision and will be finalized through discussion and a coordination process with each government ministry," the chief press secretary to President Moon Jae-in said in a statement reported by Yonhap. Park said that discussions about shutting down virtual currency exchanges are proceeding without any disagreement among the government agencies, and that various measures will be made through discussions with related ministries. At a press conference, justice minister Park Sang-ki said, “There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.” (Source: “South Korea plans to ban cryptocurrency trading, rattles. According to Coilhils.com, the price of Bitcoin dropped more than 4 per cent to 20.3 million won (S$25,304) after the minister's comments from early Thursday.
The South Korean Ministry of Justice announces that it is a preparing a bill to ban cryptocurrency trading through exchanges.