South Korea plans to ban cryptocurrency trading, rattling markets

Section:

By Cynthia Kim and Dahee Kim
Reuters
Thursday, January 11. 2018

SEOUL -- South Korea's government said today it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion.

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. ...

... For the remainder of the report:

https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-...



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