bitcoin falls on skorea curbs
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

on digital currency trade

Bitcoin falls on S.Korea curbs

Arab Today, arab today

Arab Today, arab today Bitcoin falls on S.Korea curbs

South Korea is a hotbed for cryptocurrency trading, 20 percent of bitcoin.
Seoul - Arab Today

Bitcoin fell more than 11 percent after South Korea said on Thursday it would ban anonymous trading of virtual currencies and crack down on money laundering activities using them.

The announcement came as the hyper-wired South emerged as a hotbed for cryptocurrency trading, accounting for some 20 percent of global bitcoin transactions -- about 10 times the country's share of the world economy.

The new rules announced by Seoul include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual currency exchanges if necessary.

"Officials share the view that virtual currency trading is overheating irrationally ... and we can no longer overlook this abnormal speculative situation," the government said in a statement.

All anonymous accounts currently in use will be closed next month, it added.

The policy package also includes stepping up crackdowns on money laundering activities and financial fraud -- including price manipulation -- using digital currency trades.

"We will ... resolutely respond to such crimes by slapping maximum sentences possible on offenders," it said, vowing to "leave all policy options open, including closure of a cryptocurrency exchange when deemed necessary."

The announcement came two weeks after Seoul banned its financial firms from dealing in virtual currencies, most notably bitcoin, as their prices soared, sparking concerns of a bubble largely fuelled by retail speculators.

The digital unit hit a record around $19,500 earlier this month, meaning it had increased more than 25-fold from its 2017 low in mid-January.

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

Seoul also warned on Thursday that most cryptocurrencies are being traded in the country at prices far higher than elsewhere in the world, blaming factors including "blind speculation".

The price of bitcoin fell 11.6 percent to $13,827 after Thursday's announcement.

In a case highlighting the risks of cryptocurrency, a Seoul virtual currency exchange declared itself bankrupt last week after being hacked for the second time this year.

The Youbit exchange became the first South Korean cryptocurrency exchange to close after the hacking attack that stole 17 percent of its assets.

There have been numerous warnings about a possible blowout in the bitcoin market.

Bank of Japan governor Haruhiko Kuroda said last week that the price surge of the virtual currency was "abnormal," while Singapore's central bank advised investors to "act with extreme caution".

The vice president of the European Central Bank has also expressed concern about the relentless rise in the value of bitcoin and the potential risk accompanying the trend.

 

Source: AFP

arabstoday
arabstoday

GMT 03:22 2017 Thursday ,21 December

Bitcoin suffers dramatic price plunge

GMT 11:30 2016 Monday ,10 October

Samsung woes deepen

GMT 11:23 2016 Saturday ,10 September

Samsung urges Koreans
Arab Today, arab today

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*

bitcoin falls on skorea curbs bitcoin falls on skorea curbs

 



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*

bitcoin falls on skorea curbs bitcoin falls on skorea curbs

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
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