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South Korea considers Bitcoin trading ban - BBC News

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• Bitcoin tumbles as South Korea plans trading ban

Over the past twelve months, Bitcoin has been in a state of back and forth, with it teetering on the brink of seemingly being banned. Also read: Russian Presidential Candidate: ‘We Will Legalize Bitcoin and Other Cryptocurrencies’. Regulators in South Korea have reportedly banned the trade of futures contracts and other derivatives tied to bitcoin. When South Korea makes a comment about cryptocurrencies, bitcoin springs into action. This comes after South Korean officials reportedly banned the trade of bitcoin futures in December. This week, bitcoin fell 13.5 percent after the news that the country was going to ban cryptocurrency trading surfaced. It comes as economists around the world warn about the risks of. South Korea will ban kids from trading in cryptocurrencies and may impose capital gains tax on transactions, according to a report. Following the ban, the Shanghai-based BTCC bitcoin exchange was forced. The news follows a massive backlash against the South Korean Ministry of Justice, which a little over 24 hours before had announced its plans. Business Korea reported that the Financial Services Commission of Korea issued a directive banning securities firms from taking part in bitcoin futures transactions, citing sources. Crowd funding could be the next big thing for smaller IPOs; CEO Darren Marble joins us to explain. South Korea’s top financial regulators have clarified their position following reports by local media that they have been considering a possible ban on all cryptocurrency transactions, particularly bitcoin. No Bitcoin Ban In South Korea Bitcoin is a fickle thing. South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions.

That was met with drastic drops in prices, with the price of a single token shedding over 10 percent of its value in the …. The justice minister, Park Sang-ki, said this week that the government was preparing legislation to halt the trading of Bitcoin, Monero and other virtual money. The currency had already plunged 2.8 per cent overnight from $13,896 when markets opened just after 7am. Many people are looking for answers on the future of cryptocurrencies, as uncertainty mounts in South Korea. South Korean Justice Minister Park Sang-Ki said that the proposed ban has come because of …. Could South Korea ban bitcoin exchanges and what would that mean for the US. South Korean officials say the country may or may not ban cryptocurrency trading, a move that caused bitcoin's value to drop 13.5 per cent. By James Temperton. 11 Jan 2018. Last week, the country’s regulators revealed plans to halt the buying and selling of Bitcoin, Ripple and other cryptocurrencies. The price of bitcoin was …. ICOs involve startups issuing their own digital currencies to raise funds. Trading is a popular pastime in. Because the FSC has judged that virtual currencies such as bitcoin and ether are electronic representations of value and not financial products such as securities, the government has chosen to indirectly regulate virtual currencies through banks. In. It is trading close to its lowest levels in three months, having halved in value since mid December. Bitcoin plummets as South Korea announces plans to ban cryptocurrency trading. “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 price of the cryptocurrency tumbled below. In addition, underaged investors and foreigners will not be able to trade Bitcoin.

In South Korea it trades at about a 30% premium compared with other countries. There is no one fixed price for Bitcoin as it is not regulated and is traded on dozens of exchanges worldwide. According to Coindesk.com, the price of Bitcoin was about 8% lower at just under $13,800 on Thursday afternoon. The official word from South Korea’s Blue House (the local equivalent of the White House) is in: there will be no ban on bitcoin trading in the near future for South Korea. T he South Korean government on Thursday said it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged. Bitcoin’s value has fallen heavily over recent weeks, amid fears that the South Korean government was planning an extreme crackdown. Several senior figures recently hinted that a complete ban on cryptocurrency exchanges was under consideration. That news is a major development for the cryptocurrency space, as. Bitcoin fell from just under $11,000 (£7,800) to as low as $10,179 on Tuesday morning after the move, as investors feared the crackdown could damage demand. Justice Minister Park Sang-ki said virtual currencies were "great concerns" and that the. According to a Dec. 6 report from the Korea Herald, directives from the country's Financial Services Commission led securities firms such as eBest Investment &. The drop comes amid suggestions that South Korea could ban trading in cryptocurrencies entirely, or at the very least impose sweeping new regulation on the market. South Korea has become hugely invested in bitcoin, with trading becoming mainstream and helping propel the until now rocketing price of the cryptocurrency. That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum. The price of bitcoin lowered to $13,126, according to Coindesk, that’s the lowest since December 30. The price later rebounded as context was added to the minister’s comments. If an exchange does allow new accounts, the government has the …. We know that it is extremely volatile, and unpredictable. Just like with a short temper, anything. Bitcoin BTC=BTSP slumped nearly 20 percent last week to a four-week low on the Luxembourg-based Bitstamp exchange, pressured by worries over a possible ban on trading the virtual asset in South Korean exchanges. In Tuesday afternoon trade, it was up 5.4 percent at $10,925. After a meeting to discuss virtual currency control, the vice-chairman of financial affairs, Kim Yong-bum, made this comment as part of an official statement. South Korea will not be banning Bitcoin or exchanges but will be disabling any anonymous account on their crypto exchanges. Bitcoin price plunges as South Korea say cryptocurrency ban 'still a real possibility'. Bitcoin – the world’s most well-known cryptocurrency – today plunged to $12,000 down almost 11.85 per cent on the day's opening price of $13,585.90, according to Coindesk. Last year, the digital currency hit over $10,000, amid the news that a South Korean bank was going to be testing a bitcoin vault service. South Korea has taken a tough stance on digital currencies, banning initial coin offerings (ICOs) earlier this year. Erich Reimer discusses the matter with host Bart Chilton. Bitcoin slid as much as 14 per cent on Thursday after South Korea’s justice minister said the government was working on a bill to ban cryptocurrency trading amid a clampdown on virtual currencies in one of the world’s most exuberant markets. That ban triggered an instant 6% decline in bitcoin prices.