South Korea Bans Banks Do Bitcoin Transactions

The government of South Korea on Wednesday (13/12/2017) officially prohibits financial institutions in the country to conduct transactions in the form of virtual currency, such as Bitcoin.

The reason, the value of crypto currency that continues to soar in bubbles that are driven on retail speculators, which many come from within the country.

South Korea as a country with hyper-cable connections has become a hotbed of crypto currency trading and accounts for up to 20 percent of its transactions worldwide.

Read also: BI is not at risk of Bitcoin use

Reported by AFP, it is estimated that about one million South Koreans, many of whom are small investors, have Bitcoin.

The demand for Bitcoin rated in the country is considered too high to 20 percent above the US, making South Korea the largest market share.

Bitcoin's virtual currency has experienced a spectacular spike this year with less than $ 1,000 (about Rp 13,500) in January to $ 17,000 per Bitcoin this week.

The Prime Minister's Office said Seoul banned financial institutions from engaging in any form of virtual currency transactions, including buying, owning or holding them as collateral.

But such a move still can not completely ban Bitcoin trade in South Korea.

The South Korean Financial Services Commission in September has stated that the crypto currency is not money or financial products.
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