South Korea’s ruling party has abandoned its election promise to ease restrictions on Bitcoin (BTC) and cryptocurrencies.
According to the news presented by the country’s local media Chosun Biz, South Korea’s ruling party People Power (국민의힘)cryptocurrency-focused election promise back step threw.
The news, based on people familiar with the matter, stated that the ruling party local spot Bitcoin exchange-traded funds (ETFs) promises to ease cryptocurrency restrictions, including ending the ban on shelved indefinitely. The news states that behind this step back, there is a conflict between the government and financial authorities. difficulties in coordinating It was stated that it could happen.
chairman of the party Han Duck-soo At the beginning of February, he included the ‘cryptocurrency commission’ in his general election promise. In this context, it was brought to the agenda that the country could allow spot Bitcoin exchange traded fund (ETF) products approved by the USA and that spot Bitcoin ETFs would be given a priority place in the cryptocurrency law. But it seems that this possibility has been dashed for now.
It is currently prohibited to issue spot Bitcoin exchange-traded funds in the country, and there are very strict controls on many cryptocurrency exchanges.