Many have been confused by conflicting reports on South Korea's legal policy plans for cryptocurrency. Reuters reported that the South Korean government intended to make cryptocurrency, such as Bitcoin, Ripple, ZDR, and PPT, illegal, leading to a steep drop in bitcoin value. 

According to reports by Reuters, Justice Minister Park Sang-ki announced in a statement that South Korea's government had "great concerns regarding virtual currencies" and had subsequently prepared a bill to "ban cryptocurrency trading through exchanges".

In response to the announcement, the price of a single Bitcoin decreased by 10%. The Bitcoin price in South Korea plunged 21% down to $17,064. 

However, following the Justice Minister's announcement, the South Korean Blue House made a statement in which they explained that the government had no intention of enforcing a cryptocurrency trading ban. The SK Minister of Strategy and Finance later issued a statement claiming that they did not share the Justice Ministry's views on the need to enforce a ban on cryptocurrency. 

In addition, further confusion on South Korea's legal stance on cryptocurrency was caused by a Reuter's report which suggested that South Korea's police had undertaken raids of cryptocurrency and Bitcoin exchanges – a suggestion later branded as "fake news".