South Korea Plans Crypto-Currency Ban

Written by:
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Published on:
Dec/13/2017

Bitcoin.com is reporting that South Korean regulators have announced a plan to prevent banks from engaging in activities related to crypto-currencies.  South Korea will no longer be issuing accounts required for crypto trading. 

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A number of exchanges based in that nation will be affected.  These include Bithumb, Coinone, and Korbit.  Banks offering confirmation include Shinhan Bank, Korea Development Bank, and Industrial Bank of Korea.

The AFP reported:

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

Banks that provide virtual bank accounts for cryptocurrency trades will have to verify the identification of account holders when creating new ones.  Likewise, foreigners and minors will not be permitted to trade in crypto-currency in Korea.

- Aaron Goldstein, Gambling911.com

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