SOUTH KOREA GOVT TO INTRODUCE TOUGHER MEASURES TO REGULATE BITCOIN TRADING - CALIPHATE MEDIA

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Monday, 1 January 2018

SOUTH KOREA GOVT TO INTRODUCE TOUGHER MEASURES TO REGULATE BITCOIN TRADING




December 30, 2017.

The Government of South Korea had on Thursday made an announcement that it will introduce tougher measures to regulate speculation in bitcoin and other cryptocurrencies trading within the country.


The government in a statement said it had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility. The government further said that it has observed that the trading prices of most virtual currencies were much higher on South Korean exchanges than they were on exchanges in other countries.
 
 The new measures as recommended by the Justice Ministry include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual coin exchanges if needed.


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