South Korea Announces Deadline for Halt of Anonymous Crypto Trading

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Ethereum fell below the psychologically key $1,000 level again and traded about 6.5% lower near $980, according to CoinMarketCap. Would South Korea benefit from it as well?

Last Tuesday, Yonhap News reported that South Korean Finance Minister Kim Dong-yeon also said in a radio program interview that "the shutdown of virtual currency exchanges is still one of the options" the government has. Those that do not have bank accounts in South Korea will not be able to trade inside South Korea.

Europe has also started to look into regulating the cryptocurrency market. Given the high volatility and large swings in prices of most cryptocurrencies, and the fact that they are not considered financial products, it is not a worry that is entirely unjustified.

FUD news have been spreading in the last weeks and months about South Korea and a possible cryptocurrency trading ban.

France is anxious about tax evasion and wants to protect investors from the risks of speculation and manipulation. Forward-looking policy framework will help India strive to assume a leadership position in cryptocurrencies.

According to CNN, a number of Indian banks have suspended cryptocurrency exchange accounts in the country in a bid to curb trading. There are various reports which say that both public and private banks participated in this exercise. And people who want to do anything evil will only have to parley with bank heads and exchange authorities to do their deed. Using an account from a different bank from the exchange will only allow them to withdraw money. Other crytocurrencies, such as Ether, have also fallen sharply in the past week. The major concerns for Indian government are investor protection and money laundering threat.

However, an official statement from the President either condemning or endorsing digital currency trading has yet to been seen even that a petition asking out for his take on the matter did surpass 200k signatures. South Korea has blocked the way for traders to illegally transferring money, through the latest tracking rules.

Cointelegraph.com writes: "Bithumb, which is the largest exchange globally at $2.85 [billion] daily trading volume as of press time, was hacked in February 2017, losing about $7 [million] in mostly Bitcoin and Ether". For now, government is trying to keep track of investors, their source and utilization of funds and income tax profiles.

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