Korean government holds meeting to regulate cryptocurrency

Investors in cryptocurrencies like bitcoin have made a lot of money this year But concerns of a bubble have got the Korean government's attention

More than a million people in the country are believed to hold at least some Bitcoin And today top officials held a meeting about how to go about regulating the crypto market Kim Hyesung has the details The Korean government has announced a series of measures to curb speculation on cryptocurrencies amid what appears to be a speculative frenzy During an emergency meeting Wednesday, senior officials from various ministries, including justice, finance, and others agreed to crack down on cryptocurrency-related crimes such as hacking and illegal foreign exchange transactions

The government is concerned that a cryptocurrency market bubble could cost people significant amount of money, so it said banks will have to thoroughly verify users' identities and make sure they conduct cryptocurrency transactions only with their own accounts Minors and foreigners will be banned from opening investment accounts On top of individuals, financial institutions will also be banned from buying and selling virtual currencies They are also banned from raising money through bitcoin and other cryptocurrencies, making Korea the second country after China to do so Such measures come amid the growing craze over bitcoin

The virtual currency has been trading in Korea at a significant premium over prevailing international rates As for taxing cryptocurrency capital gains, government officials said they will announce details after discussing with experts through a taskforce team and refer to other countries' polices so as not to hinder the development of technologies like blockchain Kim Hyesung, Arirang News

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