Seoul Mulling Ban on Bitcoin Trading
On Monday, a South Korean top financial regulator announced that the South Korean Ministry of Justice is considering banning all types of crypto-currencies transactions in the country to protect people against scams, even if the estimated 1 million South Korean People bitcoin
This is an option that does not deny the ban on the business of all [crypto-currencies], the prosecutor Choi Jin-Sec, who is involved in cryptocurrency related crimes in the Ministry of Justice.
It accepts many problems related to business and how to control them, they said, Nikki Asiatic
Earlier this month, the Ministry released a press release which stated that it is planning to control the crypto-currencies and set new measures to prevent possible crimes by the end of the month.
The new measures of this ministry come in the form of announcement of the cost of Bitcoin recently. According to American crypto-currencies information site, the average exchange rate of Bitcoin in the US dollar has increased from $ 1000 in the beginning of 2017 to more than $ 17,000 this month. Bitcoin's market capitalization is higher than global companies like Visa and Coca-Cola
On December 10, the Bitcoin Trading Market made its debut on the Chicago Board Option Exchange. These Chicago Mercantile Exchanges will start their own bitcoin business on December 18.
Bloomberg recently stated in the report that futures traded on regulated exchanges have a watershed for Bitcoin testing infrastructure, which will make it easier for business traders and mainstream investors to bet on the rise or fall of currencies, by which It will help to increase its price.
However, some financial ministries have bowed against cryptocurrency trading. In September, the People's Bank of China banned all centralized-auction exchanges for cryptocurrency and digital tokens, while in October the Vietnamese government announced that bitcoin and other cryptocurrency currency are not legal methods of payment within the country. In fact, Vietnam announced that any person using cryptocurrency as a payment will have to pay the penalty starting on 1 January 2018.
This Indonesian central bank led Vietnam, in early December announced that the use of currencies was restricted within the country according to 2018.