south korea bans its banks from dealing in bitcoin
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

South Korea bans its banks from dealing in Bitcoin

Arab Today, arab today

Arab Today, arab today South Korea bans its banks from dealing in Bitcoin

About a million South Koreans, many of them small-time investors, are estimated to own Bitcoins.
Seoul - Arab Today

South Korea on Wednesday banned its financial institutions from dealing in virtual currencies such as Bitcoin, as the cryptocurrency soars in a bubble fuelled by retail speculators, many of them from the country.

The hyper-wired country has emerged as a hotbed for cryptocurrency trading, accounting for some 20 percent of global Bitcoin transactions -- about 10 times its share of the world economy.

About one million South Koreans, many of them small-time investors, are estimated to own Bitcoins, and demand is so high that prices for the unit are around 20 percent higher than in the US, its biggest market.

World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.

And at the weekend futures trading in the digital currency started on the Chicago Board Options Exchange, the first time it has appeared on a traditional platform. It is also expected to list on the rival Chicago Mercantile Exchange next week.

The Prime Minister's Office said Seoul would ban financial institutions from dealing in virtual currencies -- including buying, possessing, or holding them as collateral.

Prices on Bithumb, South Korea's biggest Bitcoin exchange, fell nearly five percent after the announcement.

But the measures fell short of speculation that authorities might ban Bitcoin trading in South Korea altogether, or tax profits from it.

Nonetheless initial coin offerings (ICOs) -- where companies sell newly invented cryptocurrencies to investors for real money -- will be outlawed, the Prime Minister's Office said in a press statement.

The government will also strengthen investor protection rules, in an effort to curb speculation and potential fraud.

South Korea's Financial Services Commission in September ordered a ban on ICOs, declaring "cryptocurrencies are neither money nor currency nor financial products".

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south korea bans its banks from dealing in bitcoin south korea bans its banks from dealing in bitcoin

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south korea bans its banks from dealing in bitcoin south korea bans its banks from dealing in bitcoin

 



GMT 19:07 2017 Wednesday ,13 September

Kuwaiti oil barrel down 82 cents to US$50.56

GMT 03:02 2017 Saturday ,11 November

Drahi retakes the reins at Altice as share price tumbles

GMT 19:46 2016 Friday ,07 October

Football: Saudis deny Australia with late equalizer

GMT 22:01 2017 Thursday ,20 April

52 ships transit Suez Canal

GMT 04:28 2016 Monday ,14 November

Fujairah seeks partnerships with all investors

GMT 15:32 2017 Saturday ,25 February

Steinmeier elected German president

GMT 09:25 2017 Sunday ,24 December

HRH Premier Prince Khalifa bin Salman leaves Thailand

GMT 13:39 2017 Sunday ,17 December

Britain must obey EU environment rules

GMT 18:55 2011 Friday ,29 April

January Jones is pregnant

GMT 10:46 2017 Wednesday ,19 April

Heroic Matuidi sinks Metz as PSG catch Monaco

GMT 20:01 2016 Monday ,26 September

Petrochemical shares weigh on Tadawul

GMT 11:33 2017 Saturday ,04 March

'Apprentice' host I won't be back

GMT 05:23 2017 Thursday ,09 February

EU to end barriers to Netflix, BBC iPlayer in 2018

GMT 19:17 2017 Saturday ,15 April

FIFA confirm the 2026 World Cup
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday