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Innlegg av: mcaxel (11.01.18 12:14 ), lest 3033 ganger
Ticker: ELE

ELE - South Korea won't ban the crypto

"However, more details are required before it can be confirmed if this is indeed the plan. Because it has already been made clear by South Korea’s Financial Services Commission earlier that the regulator has drafted a separate policy on trading in cryptocurrencies, which was under discussion at the National Assembly. (Source: South Korea Steps Up Cryptocurrency Inspections at Banks,

"The Wall Street Journal, January 8, 2018) Hence, it appears that what South Korean authorities want is strict regulation, not closure."


So, it is not like the exchanges are being closed down today or even this week or the next. Moreover, South Korean authorities have been taking steps for quite some time now to clamp down on the frenzy that has swept even the housewives and students who are dreaming of getting rich quick.

As we have written earlier, the South Korean financial authorities were taking steps to control the speculation in Bitcoin. Few steps that were announced was using real names instead of anonymous names, prohibiting minors and foreigners from opening accounts and introducing taxes on cryptocurrency transactions. Bitcoin, the most popular digital currency, had taken a hit as a result of these developments and Ripple XRP price had soared.

Following these steps, what the South Korean authorities have done now is visiting few exchanges to check details of their cryptocurrency transactions. They have also been inspecting banks to ensure that they were complying with the anti-money laundering rules.