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Official Seoul is preparing to move cryptocurrencies outside the law

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Official Seoul is preparing to move cryptocurrencies outside the law
January 11
09:00 2018

The other day, Park Sang-ki, a head of South Korean Ministry of Justice held a press conference. He said that the department under his control was currently preparing a legislative base in order to limit the trade cryptocurrencies on the online stock exchanges of the Land of Morning Calm.

Park Sang- ki refused to disclose details of the draft bill. Due to this negative for the crypto market news, bitcoin lost the tenth part of its value; Ethereum, the second most popular cryptocurrency, fell by 2.3%. The data obtained on the CoinDesk portal.

It became known that new laws in South Korea could enter into force before the end of January this year. It is assumed that a total ban on anonymous accounts in cryptocurrencies, as well as prohibition of banking operations in cryptocurrencies will be introduced.

Residents of the country are present and active in the global cryptocurrency market. According to statistics, at the peak of activity, Koreans accounted for up to a quarter of the world trade operations with bitcoins.

We recall that in late 2017, the South Korean government published a program of action to reduce speculation in the market of cryptocurrencies. Official Seoul did not exclude the complete closure of all cryptocurrency exchanges in the territory of the Land of Morning Calm.

In early December last year, Choi Jong-Ku, a chairman of the Financial Services Commission, said that transactions in the cryptocurrency market would be limited and a complete ban on transactions with those assets was possible.

Well, as we can see, the Koreans prefer deeds, not words. This will certainly affect the cryptocurrency market, causing the further decline in popular assets.

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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