South Korea Decides What To Do With Cryptocurrency

Ban the ICO

According to Korea Industry Association, there are more than a dozen cryptocurrency exchanges in South Korea.

The wide spreading of the virtual currency has raised eyebrows among regulators globally, though many central banks have refrained from supervising cryptocurrencies themselves.

South Korea is going to make a decision according to the ban on cryptocurrency exchanges. However, the 100.000 people signed the petition not to take a bill to ban exchanges of cryptocurrency, so this way and cryptocurrency at least.

Last week, the Justice Minister of South Korean said that the government is preparing a bill to ban trading via cryptocurrency exchanges.

The Minister noted recently that this is one of the measures for curb the speculations. And the decision according to this problem will be made after the government consultations.

The fact is that all government ministries agree that the government is responsible for an overheating in cryptocurrency speculation and for an issue of regulation.
The issue of banning exchanges needs more coordination and regulation among ministries.

South Korea tries to hold the speculative cryptocurrency trading in recent time because the interest in the market has increased rapidly.
All these acts of the government of South Korea are following to the completed banning of the ICO.

The interesting fact is that major cryptocurrencies including bitcoin and ethereum are priced much higher in South Korea's exchanges in comparison to the rest of the world.

Of course, Bitcoin, ethereum, and other currencies fell down after reports of a ban on cryptocurrency.

South Korean financial authorities recently said they are inspecting six local banks that offer virtual currency because of the increasing use of such assets could lead to a surge in crime.

Nowadays people actively protest against the action of South Korea government, but what a result will be in final nobody still knows.

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