New Cryptocurrency Trading Limitations are Being Implemented by South Korea to Reduce Speculation

On Thursday, the government of South Korea stated that it is going to implement extra steps to control cryptocurrency trading speculation around the state.

A statement from the government said, ‘On several occasions, the government had issued warnings that it is not possible for virtual coins to act as real currency and could lead to huge losses because of too much instability.’

It pointed out that most South Korean virtual currency exchanges were a lot more compared to how they were on different countries’ exchanges. But, they did not offer specific illustrations.

The measures will be inclusive of a prohibition on opening cryptocurrency accounts that are unidentified and new legislation to enable regulators to shut down virtual coin exchanges when required. The justice ministry suggests this step, according to the statement.

Before, South Korea had declared its intention to tax cryptocurrency trading capital gains to handle what it deems as the danger of too much speculation.

This year Bitcoin, which is the largest and most popular cryptocurrency, has made profits of X 19.

Bitcoin has been very famous in South Korea and many students and housewives participate in large numbers. From 03:04 GMT, it was $14,384 on the Bitstamp exchange which is based in Luxembourg.

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