The biggest news is coming from south korea is they are NOT banning Bitcoin. They are going to legalized Bitcoin. South Korea was banned anonymous bank accounts being used to buy and sell cryptocurrencies. A widely-anticipated move in one of the world’s most popular Bitcoin markets.
According to a new announcement from the South Korea’s Financial Services Commission (FSC), South Korea cryptocurrency investors will have to use real-name bank accounts in order to continue trading.
The new rules, which come into effect at the end of the month, will also ban foreigners without local bank accounts and children under 19 from buying Bitcoin.
Separately, the FSC also established an anti-money laundering guideline for cryptocurrency exchanges. Coindesk reports, which outlines situations where exchanges should stay alert to potential illegal activity. In addition, the official announcement also established an anti-money laundering guideline for cryptocurrency exchanges, which outlines situations where exchanges should stay alert to potential illegal activity.
The statement said: “Specifically, for users to make virtual currency transactions more than 10 million won per day or more than 20 million won for 7 days when depositing and withdrawing funds, this is the type of financial transaction you suspect for money laundering.”
“The government is still discussing whether an outright ban is needed or not, internally,” an official told Reuters.
Bitcoin’s price hit a high of around $20,000 in December and fell under $10,000 last week. On Tuesday morning it recovered slightly from its low to trade at around $10,600.
The volume on South Korean cryptocurrency & bitcoin exchange markets is already higher than the volume on the country’s main stock market. Would they ban this market? Think rationally! South Korea is not China. Protecting investors has a high priority though.
OF COURSE governments won’t give up control of money – that’s why crypto is crashing. One reason people are selling out of bitcoin is because governments are moving against cryptocurrencies. The promise of bitcoin is that it’s anonymous and secure and the government can’t touch it. That promise is unfulfilled. Governments are not going to stand idly by while people replace or abandon. So thats the news – South Korea is NOT banning Bitcoin
What we know is that the South Korean government is trying to ban anonymous trading accounts and prevent money laundering. There is no ban on crypto currency in South Korea right now and exchanges are all operating as usual.
Everything else is just FUD. South Korea is NOT banning Bitcoin! Don’t believe the fake news from the mainstream media and do not sell your coins for a low price. Perhaps the South Korean government bought the dip today.
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