South Korea’s ruling People Power Party has “indefinitely postponed” its plans to pledge the easing of crypto restrictions, including lifting the ban on local spot bitcoin exchange-traded funds (ETFs), according to a local report citing sources knowledgeable with the matter.

Earlier this month, the ruling party was reportedly preparing campaign promises aimed at pushing back taxation on crypto gains and allowing local institutions to launch spot bitcoin ETFs and directly invest in cryptocurrencies.

The party’s shift in position to retract the pledges may have resulted from difficulties in coordinating with the government and financial authorities on crypto policies, local news outlet Chosun Biz reported on Wednesday. 

In January, the country’s financial regulator reiterated its …