This comes a day after the justice ministry said it was drafting a bill to ban crypto trading

The South Korea government is scrapping plans to ban cryptocurrency trading — at least in the short term — just a day after the justice department said it was drafting a bill to enact this measure.

The Ministry of Justice had apparently announced this independently, without the backing of other relevant government authorities, including the Ministry of Strategy and Finance and other agencies who are part of the South Korean cryptocurrency regulation task force.

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The Ministry of Strategy and Finance had reportedly only found out about the proposed bill through media reports, and said the decision was neither approved by them nor the cryptocurrency task force.

Yesterday’s announcment also sparked a petition calling for the resignation of Ministry of Justice’s Head Park Sang-ki, which attracted 60,000 signatures.

Last year, a spokersperson for the South Korean cryptocurrency task force said that while cryptocurrencies’s reputation may be suspect, the government has to adopt a regulatory framework that benefits the country’s market.

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