The Blue House, the executive office of the South Korean President, Moon Jae-in, has issued an announcement that the government will not ban cryptocurrencies in the short term.

 This latest statement follows a severe backlash after a previous announcement on January 11, made by Justice Minster, Park Sang-ki, on behalf of the Ministry of Justice, saying they were in the process of implementing legislation for a countrywide-ban on the trading of cryptocurrencies, such as Bitcoin, XRP and ZDR.

The Ministry of Justice made the original announcement independently, failing to consult other government departments involved in the regulation of cryptocurrencies, including the Ministry of Strategy and Finance. 

According to officials, the first announcement saw more than 60,000 citizens sign a petition calling for the removal of Mr Park from his position as head of the Ministry of Justice.

As an immediate response to Mr Park\'s initial statement, the Ministry of Strategy and Finance condemned the move, saying that it did not agree with a ban on the trading of cryptocurrencies.

In light of these events, the South Korean government is likely to establish new regulations to guide the trade on cryptocurrencies. 

A spokesperson from the Ministry of Strategy and Finance has said the government will continue to allow the trading of cryptocurrencies in view of the benefit to the South Korean market.