South Korea announces plans to ban cryptocurrency trading as Bitcoin plummets - <b>Technical Lobby</b>

Friday, January 12, 2018

South Korea announces plans to ban cryptocurrency trading as Bitcoin plummets

Bitcoin plummets
SOUTH Korean authorities are preparing to ban cryptocurrency trading, the country’s justice minister announced on Thursday.

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park Sang-ki said in a statement distributed by the ministry’s press office, according to Reuters.The statement, which caused turmoil on crypto markets, was later moderated by the presidential office, which said a ban was under review but no policy changes had been made.

According to industry website CryptoCompare, more than 10 per cent of ethereum is traded in South Korean won, second only to US dollars which account for around 32 per cent. Nearly 14 per cent of ripple and 5 per cent of bitcoin is traded in won.It came after a spokesman for the Coinone exchange earlier told Reuters that “a few officials from the National Tax Service” had raided their office this week, with police investigating suspected “gambling”. Authorities also raided the Bithumb exchange.

Last week, South Korean authorities reportedly began inspections at six banks that provide accounts to companies involved in cryptocurrency trading, citing concerns about potential money laundering.

On Monday, the widely used research website Coinmarketcap removed average price data from Bithumb, Coinone and Korbit from its calculations, causing confusion in the market. Prices on South Korean exchanges are typically 30 per cent higher on average.
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