South Korea about to block digital coin trading

Posted 11 January, 2018

Seoul announced its plans to restrict trading of cryptocurrencies on Thursday, which drove prices down and summoned concerns in the crypto market, according to the sources. Law enforcement forces in tandem with tax authorities raided exchanges on tax evasion suspicions.  

Specifically, the government is drawing up a bill to black out crypto trading on local exchanges, commented  South Korea's Minister of Justice.

South Korea, one of the key sources of global demand for digital coin, announced tight measures on officials' attempts to look into cryptocurrency regulation given soaring prices in 2017.

As the blockade requires the majority of votes in the Parliament, the bill adoption can take months or years.

With such announcements of Seoul, cryptocurrency is being actively sold out on local and foreign platforms.

Bitcoin has lost 21% in price to KRW 18.3 million ($17,064.53) on this route.  

On Bitstamp bitcoin price fell 8.8% to $13,580 after hitting the bottom of $13,120 since January 2.

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11 January, 2018 16:14

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US dollar to yen improves amid Beijing's bonds plan denial

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