South Korea's Ministry of Justice plans to turn all crypto-coins, including Bitcoin, into illegal assets, according to the Nikkei newspaper.
According to the publication, a South Korean official would have published a report citing various members of the government suggesting a total ban on digital coins.
The unexpected move, likely to face opposition from other important portfolios, such as the country's finance ministry, is being considered something necessary to protect investors from possible blows.
"We recognize many problems arising from the trade (of crypto-coins) and are studying how to control them. We do not rule out the option of barring their negotiation, "said prosecutor Choi Jin-seok, who is responsible for encryption-related crimes.
The hard-line measure, if applied, can close the local bitcoin trade. It is worth noting that Korea had already followed in China's footsteps and forbidding the initiation of Initial Currency Offers (ICOs), albeit more leniently than the neighbor.
Part of the government has been struggling to regulate the sector, which is extremely popular in the country. They are working out a framework of income tax collections with encryption.
If South Korea really does take such an attitude, it is expected, in addition to a stampede of investors to other markets, a drop in the price of all crypto-coins.
According to the publication, a South Korean official would have published a report citing various members of the government suggesting a total ban on digital coins.
The unexpected move, likely to face opposition from other important portfolios, such as the country's finance ministry, is being considered something necessary to protect investors from possible blows.
"We recognize many problems arising from the trade (of crypto-coins) and are studying how to control them. We do not rule out the option of barring their negotiation, "said prosecutor Choi Jin-seok, who is responsible for encryption-related crimes.
The hard-line measure, if applied, can close the local bitcoin trade. It is worth noting that Korea had already followed in China's footsteps and forbidding the initiation of Initial Currency Offers (ICOs), albeit more leniently than the neighbor.
Part of the government has been struggling to regulate the sector, which is extremely popular in the country. They are working out a framework of income tax collections with encryption.
If South Korea really does take such an attitude, it is expected, in addition to a stampede of investors to other markets, a drop in the price of all crypto-coins.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.