Park Sang-ki, South Korea\'s Justice Minister, recently made an announcement stating that the South Korean government were drawing up plans to ban cryptocurrency, including Bitcoin and Ripple, a claim which was later refuted in an official statement by the South Korean government.

Following on from Park Sang-ki\'s announcement, the government of South Korea has announced that they are still deciding on which actions to take in regards to the regulation and potential banning of popular cryptocurrencies. South Korea\'s Office for Government Policy Coordination announced that it is currently holding consultations, in which various official and government bodies will share their views on the matter.

Yonhap, a South Korean news agency, reported on Sang-ki\'s comments, in which he noted that government agencies within the country all agreed that the popularity of cryptocurrencies demanded new regulations be brought into play.

South Korea has been one of the first countries in the world to seek to impose together regulations on the cryptocurrency market. The country\'s Financial Services Commission announced that it would be banning initial coin offerings (ICOs) in September. ICOs are used by startups as a way of circulating new cryptocurrencies and rasing market capital. A ban on ICOs would be a death sentence for cryptocurrency operations in South Korea.