South Korea to ban cryptocurrency traders from using anonymous bank accounts

Bitcoin Price May Plunge Further If India Bans Cryptocurrency Trading Like South Korea

South Korea to ban cryptocurrency traders from using anonymous bank accounts

"Nobody, including the government, guarantees the value of cryptocurrencies", Kim said.

What are your thoughts on South Korea's new cryptocurrency regulations? The tax department said that there are 2.5 million people registered to trade in cryptocurrencies in the country. At the end of 2017 it sounded like the government meant to shutter crypto exchanges, but new regulations announced Monday suggest that a blanket shutdown is less likely.

On Sunday, Yonhap quoted another official as saying cryptocurrency exchanges would soon be required to share users' transaction data with banks-another move that would help the authorities collect tax. So, on the one hand, it's in line with current policy. The prices of bitcoin have dropped since the news came in as the traders expect the exchanges to pass on this burden to their clients which could affect trading and volumes as well, in the short term.

Cryptocurrency trading volume of 10 million won (9,300 US dollars) per day and 20 million won (18,600 USA dollars) per week will be subject to strict scrutiny by the financial watchdog.

In September 2017, the Chinese government imposed a ban on initial coin offerings (ICOs), contributing to a slowdown in the market. It's also put blockchain - the software technology enabling Bitcoin and other cryptocurrencies - on a trajectory of its own.

Bitcoin price chart 23012018
South Korea to ban cryptocurrency traders from using anonymous bank accounts

Mining of Bitcoin and other cryptocurrencies presents a unique "Make in India" opportunity that can boost self-employment.

According to Bloomberg political coverage from December, Italy's finance minister is also interested in crypto regulation. The official also said that "in a measure of tax enforcement for cryptocurrency traders", the government would be able to access the users' transaction data provided to the lenders.

The six banks include Shinhan Bank, NH Bank and the Industrial Bank of Korea.

Its attractiveness to speculators, enhanced by a frothy market and "fear of missing out" on the next big thing, has led many to take advantage of new and seasoned investors alike.

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