South Korea has no immediate plan to change the current ban on cryptocurrency, according to a top policymaker at the Prime Minister’s Office.

Noh Hyeong-ouk, the new minister of the Government Policy Coordination at the Prime Minister’s Office, Tuesday said the government would not be in a hurry to unveil policy on cryptocurrencies. His statement sent a chill through the blockchain industry and cryptocurrency exchanges.

The official said retaining the current ban on cryptocurrency and initial coin offering (ICO) is of national interest.

His predecessor Hong Nam-ki, who is named the top economic planner, had said in October that the government would come out with policy on cryptocurrency sometime in November.

Cryptocurrency exchanges have expected the government to unveil plans on the ICO and cyber currency trading rules.