Jan 11, · South Korea on Thursday announced that it may ban cryptocurrency trading altogether bringing turmoil for the Bitcoin market. While lawmakers across the world are struggling with how to regulate bitcoin, Seoul is worried over its frenzied local popularity and has been opting to clamp down on trade. Bitcoin's skyrocketing value drew students and housewives into investing last year. SEOUL (Reuters) - South Korea’s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the. Jan 17, · (Newser) – Prices of bitcoin and other digital currencies skidded Tuesday after South Korea's top financial policymaker said a crackdown on trading of .
Bitcoin tumbles as south korea plans trading banSubscribe to read | Financial Times
By Cynthia Kim , Dahee Kim. 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. Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.
Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total members of the National Assembly, a process that could take months or even years. The local price of bitcoin plunged as much as 21 percent in midday trade to It still trades at around a 30 percent premium compared to other countries.
South Korea's cryptocurrency-related shares were also hammered. Vidente KQ and Omnitel Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: Bitcoin tumbles as South Korea plans trading ban Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities.
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