South Korea to impose new curbs on cryptocurrency trading
From Reuters
“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the government said in a statement.Read more: https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-to-impose-new-curbs-on-cryptocurrency-trading-idUSKBN1EM05KIt noted that trading prices of most virtual currencies were much higher on South Korean exchanges than they were on exchanges in other countries, although it did not provide specific examples.
The steps will include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual coin exchanges if needed, a measure recommended by the justice ministry, the statement said.
South Korea had previously announced its plan to tax capital gains from cryptocurrency trading to tackle what it sees as the risk of excessive speculation.
Bitcoin, the world’s biggest and best-known cryptocurrency, has gained more than 19-fold this year.
In South Korea, bitcoin has been extremely popular, drawing wide participation from housewives and students. As of 0304 GMT, it stood at $14,384 on the Luxembourg-based Bitstamp exchange.
Well shit...
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This isn't surprising coming out of South Korea unfortunately. Though South Korea leads the way in Internet speeds, the number of people connected and in affordable access to the Internet, it still seems to lag behind other countries in terms of providing its citizens with online freedoms. Online poker, for example, is still prohibited.
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