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Bitcoin tumbles as South Korea plans to ban cryptocurrency trading

12 January, 2018, 03:33 | Author: Janis Wilson
  • Cryptocurrencies Fall As South Korea Moves To Ban Crypto Trading

That news from the justice minister comes after Coinone and Bithumb, two of the largest crypto exchanges in the country, were raided this week by police and tax agencies.

South Korea is following in the footsteps of China, Vietnam and other countries that have banned exchanges at a time when global demand for cryptocurrency has never been higher.

Justice Minister Park Sang-Ki said Seoul was preparing a bill to shut down the country's virtual coin exchanges, sending bitcoin and other virtual unit prices into a tailspin. The proposed legislation will need a majority vote of all 297 members of the National Assembly in order to ban trading outright.

Major cryptocurrencies like bitcoin are often traded at a premium on South Korean exchanges, meaning that they are at a higher price versus other exchanges in the USA or Europe for example.

This year, business leaders are voicing their opinion on the crypto phenomenon, leading to price fluctuations.

Following the market's reaction to the government announcement, the nation's Presidential office later said that a ban on the country's virtual coin exchanges was not finalized, although it was being discussed. Among the top 10 most traded cryptocurrencies, ethereum - which has gained 10% in a rally since Saturday - was the biggest loser. Korea emerged as something of a ground zero for the speculative mania, playing host to several of the world's most active exchanges.

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The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the past year. Ripple trimmed its 21% tumble to a 14% drop, while ethereum slumped 5%.

On Wednesday, the nation's financial regulators have inspected banks that allow corporate customers to open virtual accounts on concerns such accounts could be used to circumvent a law banning them from attracting new investors for cryptocurrencies. It bought around $13,500 in afternoon trade today.

"Virtual currency is not based on an exchange of something with a certain value", he said.

Many saw this ban proposal coming with the South Korean Financial Services Commission prohibiting exchanges from issuing new accounts last month.

We were asked by the tax officials to disclose paperwork and things yesterday. The officials reportedly visited their offices amid an investigation into alleged tax evasion.

Meanwhile South Korean authorities are investigating six banks now offering virtual currency accounts that have possible links to money laundering.



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