South korea plans to ban bitcoin trading

January 10 South Korea is planning a bill to ban cryptocurrency trading as a clampdown on virtual currencies gathers pace in one of the world's most exuberant bitcoin markets. Jan 11,  · 11 January South Korea’s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s Author: Reuters. SEOUL (Reuters) - South Korea’s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the.

South korea plans to ban bitcoin trading

Why South Korea Plans to Ban Cryptocurrency Trading, and What it Means for Bitcoin

After the market's sharp reaction to the announcement, the nation's Presidential office hours later said a ban on the country's virtual coin exchanges had not yet been finalised while it was one of the measures being considered.

A press official at the justice ministry said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies, including the nation's finance ministry and financial regulators. Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total members of the National Assembly, a process that could take months or even years. The government's tough stance triggered a selloff of the cryptocurrency on both local and offshore exchanges.

The local price of bitcoin plunged as much as 21 percent in midday trade to It still trades at around a 30 percent premium compared to other countries.

South Korea's cryptocurrency-related shares were also hammered. Vidente and Omnitel, which are stakeholders of Bithumb, skidded by the daily trading limit of 30 percent each. Read more: North Korea secretly funnels monero cryptocurrency into country through university. Indeed, Bitcoin's 1, percent surge last year has stoked huge demand for cryptocurency in South Korea, drawing in traders from college students to housewives and sparking worries of a gambling addiction.

By Thursday afternoon, the Justice Ministry's announcement had prompted more than 55, South Koreans to join a petition asking the presidential Blue House to halt the crackdown on the virtual currency, making the Blue House website intermittently unavailable due to heavy traffic, the website showed.

There are more than a dozen cryptocurrency exchanges in South Korea, according to Korea Blockchain Industry Association. The proliferation of the virtual currency and the accompanying trading frenzy have raised eyebrows among regulators globally, though many central banks have refrained from supervising cryptocurrencies themselves. The news of South Korea's proposed ban came as authorities tightened their grip on some cryptocurrency exchanges.

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 last year. Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.

Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total members of the National Assembly, a process that could take months or even years. The local price of bitcoin plunged as much as 21 percent in midday trade to It still trades at around a 30 percent premium compared to other countries. South Korea's cryptocurrency-related shares were also hammered.

Vidente KQ and Omnitel KQ , which are stakeholders of Bithumb, skidded by the daily trading limit of 30 percent each.

South Korea plans to ban cryptocurrency trading, rattles market REGULATORY CONUNDRUM

Jan 11,  · 11 January South Korea’s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s Author: Reuters. January 10 South Korea is planning a bill to ban cryptocurrency trading as a clampdown on virtual currencies gathers pace in one of the world's most exuberant bitcoin markets. Tech & Science Cryptocurrency South Korea Trading Ban South Korea's government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin . Tags:Activtrades bitcoin, Bitcoin day trading strategies, Market bitcoin value, Iota bitcoin trade, How to profit trading bitcoin

3 thoughts on “South korea plans to ban bitcoin trading

  • 05.07.2020 at 02:20
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    I apologise, would like to offer other decision.

    Reply
  • 30.06.2020 at 11:27
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    In my opinion it already was discussed.

    Reply

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