South Korea confirms it will not ban cryptocurrencies

Feb 01, 2018, 00:20
South Korea confirms it will not ban cryptocurrencies

South Korea's customs service has made it plain that authorities will continue to keep a watchful eye on money laundering activities and violations of foreign exchange rules, especially relating to cryptocurrency. Customs said there were also cases where investors in Japan sent their millions of dollars worth of yen to their partners in South Korea for illegal currency trading. In a document published on the 23 of January, the regulator said it would only allow transaction in cryptocurrency from real-name bank accounts beginning on the 30 of January.

Following last week's crash, the cryptocurrency market has started to get back on its feet with Bitcoin trading at $11,484 on Sunday 21, after dropping 10% from a high of $12,899 the day before. The country's customs service announced before his remarks that it had uncovered illegal cryptocurrency foreign exchange trading worth almost $600 million.

It's nearly ironic that Bitcoin is now suffering so much considering that in Asia, Japanese company Yamada Denki just allowed their Shinjuku store to start accepting Bitcoin payments, and South Korean e-commerce giant WeMakePrice just integrated Bitcoin into their payment systems, as well, reported Papermag.

Some experts have attributed the fall to the U.S. regulators' ramping up scrutiny of one of the world's largest virtual currency exchanges. From over N1.8 billion traded on Bitcoin alone in the country in the week ended January 13, 2018, the volume dipped to N577.75 million last week.

Tax evasion and money laundering are not going to be accepted by Governments around the world and the true future of Cryptocurrency is not dependent on criminals and money launderers, some crypto houses like G-BiT have seen the writing on the wall and build a system that is compliant with global Anti Money Laundering and Tax Laws.

He also said wants to be sure consumers understand the issues surrounding cryptocurrencies.

Seoul previously said that it is considering shutting down local cryptocurrency exchanges, which threw the market into turmoil and hammered bitcoin prices. Investors were selling a wide range of financial assets Tuesday, including stocks and commodities.

The prices of cryptocurrencies dropped suddenly and rapidly after the regulations were announced. Worth over $1,300 at its recent peak, Ethereum has definitely become the second most viable platform of the cryptocurrency competitors.

A research analyst from FXTM, the UK, Lukman Otunuga, stated, "With reports on a new clamp down on the cryptocurrencies in China stimulating worry over future constraints, further losses can emerge (for bitcoin) in the future". The Galaxy S9 is expected to be introduced at the Mobile World Congress in Barcelona.

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