South Korean government is planning to completely ban trading of cryptocurrencies
The government of South Korea is preparing a bill on the prohibition of cryptocurrency trading on domestic exchanges. This was reported by the Minister of Justice of the country Park Sang-ki. According to him, the decision to ban was made after a discussion between the Ministry of Justice and other departments, including the Minister of Finance and financial regulators of South Korea.
In South Korea, there are more than a dozen large crypto-exchangers. Recently, they have become the object of inspections by state bodies. Because of high demand, Bitcoin in the country is traded at 30% more expensive than in other countries.
Despite the fact that the proposed bill still has to win a majority in the National Assembly, which can take a lot of time, the courses have already reacted to the statements of officials. The rate of Bitcoin in the domestic market fell by more than 20%. Foreign exchanges reacted more restrained, but still showed a decline in the price of bitcoin and other cryptocurrencies.