Informed sources: South Korea's ruling party withdraws election commitment for spot Bitcoin ETF

ChainCatcher news, according to a report by theblock, citing informed sources, stated that South Korea's ruling People Power Party has "indefinitely postponed" its commitment to relax cryptocurrency restrictions, including lifting the ban on local spot Bitcoin exchange-traded funds (ETFs).

According to local news media Chosun Biz on Wednesday, the party's reversal of its commitment may be due to difficulties in coordinating with the government and financial authorities on cryptocurrency policy.