Business
09:33, 14-Dec-2017
S. Korea bans trading of Bitcoin among certain groups
["china"]
Share
Copied
The S. Korean government plans to tighten trading rules on Bitcoin to prevent speculative investment in the cryptocurrency which has soared in value on international markets.
The government held a meeting of vice ministerial-level officials to announce measures to try to prevent small-time investors from recklessly investing in the cryptocurrency.
Digital currencies are very popular across Asia, particularly in Japan and S. Korea, which together make up more than half the global trading volumes by some estimates.
The S. Korean regulations will ban minors and non-residents staying abroad from opening a Bitcoin account and trading in it.
Financial institutions will also be prohibited from holding, purchasing and investing in the cryptocurrency.
Bitcoin/VCG photo
Bitcoin/VCG photo
The new measures will require investors in Bitcoin to identify themselves when using their bank accounts to trade in the virtual currency.
The measures will have to be submitted to the National Assembly for approval before implementation.
The government plans to create a national task force to review whether to impose taxes on the returns from Bitcoin transactions.
Police and prosecutors have been ordered to crack down on illegal Bitcoin transactions that can be used in crime and money laundering.
Source(s): Xinhua News Agency