South Korean Officials Crack Down on Bitcoin Trading

By InsideBitcoins Dec 14, 2017 7:00 PM EST

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The South Korean Ministry of Justice is thinking about an aggregated restriction on exchanging bitcoin, different cryptographic forms of money, and computerized tokens, keeping in mind the end goal of shielding people from potential tricks. The move comes as different governments over Asia increment their investigation on cryptographic forms of money.

The South Korean government is thinking about a scope of approach choices so as to check what it called an overheating of virtual cash theory, including a conceivable capital additions charge on exchanges. While South Korea’s back service and a few lawmakers are probably going to contradict the equity service’s turn, the talk itself mirrors a developing pattern among Asian governments toward more tight controls on the utilization of cryptographic currencies.

In an explanation distributed by the Office for Government Policy Coordination, authorities from the Ministry of Justice, Financial Services Commission, Korea Communications Commission, Fair Trade Commission, and Ministry of Information and Communication laid out conceivable arrangement approaches – subject to administrative endorsement – for the nation’s address on the digital currency market.

“We do not rule out an option that bans trading of cryptocurrencies,” said Prosecutor Choi Jin-seok, who is in charge of cryptocurrency-related crimes.

The normal conversion scale of one bitcoin has taken off from underneath $1,000 toward the start of 2017 to top $17,000 in December. The market capitalization of bitcoin has additionally surpassed that of enormous worldwide organizations like Visa and Coca-Cola.
The move is maybe obvious, given the critical exchanging action out of Korea – Bithumb is one of the world’s biggest in terms of professional career volume on a given day – and trades there were the first to see bitcoin’s value cross the $10,000 line toward the end of last month.

The hand over tide against cryptographic money exchanging was exemplified most drastically by Chinese monetary controllers including the People’s Bank of China in September, when they prohibited all brought together sale trades for digital money and computerized tokens. Today Chinese occupants are just permitted to exchange their bitcoins and different digital forms of money by means of distributed arrangements.

Get the latest in Asian Bitcoin news here at Coin News Asia.

The post South Korean Officials Crack Down on Bitcoin Trading appeared first on Coin News Asia.

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