Bitcoin clampdown in South Korea.

in #bitcoin • 8 years ago

South Korea plans to ban cryptocurrency trading, rattles market.

  •  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. 
  •  “There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park told a news conference, according to the ministry’s press office. 
  •  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 297 members of the National Assembly, a process that could take months or even years. 

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FULL STORY SOURCE: https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002A

#cryptocurrency #southkorea #trading
8 years ago in #bitcoin by
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