Sunday, 18 November, 2018


Chaos reigns as South Korea moves to ban cryptocurrency trading

Bitcoin Seoul Chaos reigns as South Korea moves to ban cryptocurrency trading
Kristine Garrett | 12 January, 2018, 03:47

Park said he could not disclose details but would jointly work with a government task force to shut down virtual currency exchanges in South Korea, which is one of the world's biggest markets for the likes of bitcoin and etherum.

South Korea's escalation in its position against cryptocurrencies comes after it announced tighter regulations for the trading of bitcoin in late-December. This is because many exchange sites do not allow any new accounts.

Justice minister Park Sang-Ki said: "There are great concerns regarding the virtual currencies and [the] justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges".

Huge demand for bitcoin was triggered in late 2017, after the currency's value surged from around $1,000 per coin at the start of the year to nearly $20,000 by December, before falling to its current value of around $13,600. These Korean exchanges have been notorious for having its crypto prices well above the global market average and the decision to remove them, was not a surprise to many.

The entire cryptocurrency market has suffered quite a bit this week but fortunately, things seem to be leveling off. The alleged reason is tax evasion, although there could be wider implications, such as a general desire to regulate and inhibit crypto trading from the government. That kind of jump would typically spook investors, but if that kind of volatility alarms you, then it's safe to say you haven't been paying too much attention to cryptocurrencies this year.

Most other virtual coins turned bearish.

Following the news, at 5 p.m. Thursday the bitcoin price in Korea had plunged 10.2 per cent from a day prior, according to the nation's largest cryptocurrency exchange Bithumb. That created confusion and triggered a broad selloff among investors. The Financial Times reports that Bithumb and Coinone have confirmed that officials from the National Tax Service have visited their offices and demanded information on their trading activities. The Coinone official added that the exchange has been under scrutiny since past year by local police who "think what we do is gambling".

South Korea's financial regulator revealed earlier this week it was jointly carrying out inspections on six local banks that offer virtual currency accounts to institutions amid concerns their increased use could lead to a surge in crime.

Recommended

loading...
...

Donald Trump Just Called Haiti, El Salvador and African Nations 'Shithole Countries' Donald Trump Just Called Haiti, El Salvador and African Nations 'Shithole Countries' During the meeting in the Oval Office, Trump wasn't happy with the idea pitched by senators Lindsey Graham (R-S.C.) and Richard J. The remarks came during an impromptu meeting with members of Congress on a bipartisan immigration deal.

Tonya Harding calls out Oregonians Tonya Harding calls out Oregonians We're supposed to feel sorry for Harding because she grew up poor and had an abusive mother. The two butted heads while Tonya was being interviewed by Piers Morgan .

Ford notes death blamed on faulty Takata air bag in Ranger truck Ford notes death blamed on faulty Takata air bag in Ranger truck The company urges the owners to contact their dealers to have the trucks repaired at their homes or towed into a dealership . Automakers have struggled to get enough replacement parts for the massive recalls.

'Deadpool 2' release date has been moved up to May 18 'Deadpool 2' release date has been moved up to May 18 The Channing Tatum vehicle has been pushed from the recently set February 14, 2019 to a summer slot on June 7, 2019 . This is great news for fans of Deadpool , bad news for Slender Man , which is opening on the same day.

Pink to sing national anthem at Super Bowl Pink to sing national anthem at Super Bowl Should the Vikes win just two more games, they will not only host a super bowl party - they'll take part in it. Pink is heading to the Super Bowl to sing the national anthem. "The game itself nearly transcends the season".

Trump Says US Could Re-Enter Paris Agreement, Praises Norway's Hydropower Trump Says US Could Re-Enter Paris Agreement, Praises Norway's Hydropower Trump also said Mexico can pay for a border wall between the two countries "indirectly" through changes to the trade deal. Trump, in his meeting with Solberg ahead of the press conference, said he is "very liked by her country".

Assassin's Creed Rogue 4K remaster coming to PS4, Xbox One Assassin's Creed Rogue 4K remaster coming to PS4, Xbox One Assassin's Creed Rogue debuted in November 2014 as the previous-generation counterpart to the ill-fated Assassin's Creed Unity . I'm certainly looking forward to playing this one when it drops on PS4 and Xbox One on March 20.

Jaguars are talking about Ben, AB, Bell & more Jaguars are talking about Ben, AB, Bell & more Pittsburgh will focus on stopping Jags running back Leonard Fournette and make Jacksonville quarterback Blake Bortles beat them. The Steelers , who enter the game as the favorite, had an terrible game when they played the Jaguars in the regular season.

Kirby Star Allies Gets Nintendo Switch Release Date Kirby Star Allies Gets Nintendo Switch Release Date The World Ends with You , first released in North America in 2008 on Nintendo DS , is set in a highly stylized, modern-day Japan. The game will include the base game, as well as a new "beginner-friendly" mode that lets players enjoy the game as Funky Kong.

Celtics vs. 76ers NBA London Game live stream Celtics vs. 76ers NBA London Game live stream The Celtics were one of the worst rebounding teams during that stretch in December, and they were leaning on their offense to win. The team's development plan, or " The Process " as it was known, is finally bearing fruit.

Red Cross: Forcing Salvadorans out of U.S. carries twin risks Red Cross: Forcing Salvadorans out of U.S.  carries twin risks State Department's travel advisory for El Salvador, which urges people to reconsider travel to the country because of crime. Photos and trophies marking her achievements in soccer and taekwondo decorate the Salmerons' north Charlotte living room.

Skype finally getting end-to-end encryption Skype finally getting end-to-end encryption When you chat with someone using this new Private Conversations feature, the whole conversation will be end-to-end encrypted. You can only have a private conversation with the person who is also having the same Insider beta build of Skype.

Apple iPhones are created to die - Customers Apple iPhones are created to  die - Customers The man was trying to fix the phone in an Apple Store on Bahnhofstrasse street in Zurich when the overheated battery exploded. In fact, the company is now facing an extraordinary number of class-action lawsuits both in the USA and overseas .

Shane Dawson Apologized for "Pedophilia" Jokes Made in Old Video Shane Dawson Apologized for YouTube personality Shane Dawson is under fire for suspected pedophilia after quotes from a four-year-old podcast resurfaced. Even when you listen to the podcast, the comments are still disturbing and highly uncomfortable to sit through.

130000 displaced from Idlib as Syrian Army attacks last rebel-held enclave 130000 displaced from Idlib as Syrian Army attacks last rebel-held enclave Syria has been embattled by a civil war since early 2011, when Assad cracked down on pro-democracy protests. Both were designated a year ago as "de-escalation" zones by Russia, Turkey and Iran.