South Korea can shut down cryptocurrency exchanges

Posted 18 January, 2018

Seoul has joined the cryptocurrency censurers and expressed intentions to close exchanges for digital currency.

South Korea sticks to tought policy toward these coins, while other countries, including Germany and the USA, are striving to enhance the regulation to fight against laundering and other illegal actions.

According to the statement of the head of the Financial Supervisory Service, Seoul is considering two scenarios – closure of either all local cryptocurrency exchanges or only those that break the law.

Cryptocurrency is not a legal means and it is not used as such currency now, as commented another official.

Regulators across the globe keep discussing possible way to offset the risks that digital coins (like bitcoin that hiked more than 1,700% last year) can bring to the market.

The price for cryptocurrencies reportedly collapsed once South Korea announced last week its plans to put under restraint crypto trading.

For reference, bitcoin posted an 18% decline on Wednesday.

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