According to reports, South Korean authorities are restricting the trading of cryptocurrencies such as Bitcoin.
Reuters reported that the South Korean government is considering formulating new rules for the country's cryptocurrency trading market, which is one of the largest trading markets in the world.
Although the CCN report has not been confirmed, Reuters quoted the government as saying: The government has repeatedly warned that virtual currencies cannot function as real currencies and may cause high losses due to excessive fluctuations. The government's statement also pointed out that compared with other global counterparts, the price of cryptocurrencies on South Korean exchanges is at a premium. According to reports, due to insufficient market supply, retail investors’ demand for cryptocurrencies has soared. Korean investors paid a premium of 12% and 16% respectively when investing in Ripple and Monero.
"Officials shared their views that virtual currency transactions are overheated and irrational... We can no longer ignore this abnormal speculative situation," the government statement added, according to a report by Agence France-Presse.
The new law allows regulators to close exchanges.
According to reports, the new restrictions will include prohibiting the disclosure of anonymous password accounts to combat money laundering and financial fraud.
"We will...resolutely respond to this type of crime and impose the highest penalty on the offender as possible."
According to reports, the statement added that the authorities will "reserve all policy options, including shutting down cryptocurrency exchanges when necessary." The government added that the new law will give regulators the power to shut down cryptocurrency exchanges if necessary. According to the statement, this particularly tough ban was recommended by the Ministry of Justice. Earlier this month, the Justice Department prosecutor in charge of criminal cases related to cryptocurrency claimed that this measure was to protect retail investors from potential fraud.
The official said at the time: We do not rule out the possibility of banning all cryptocurrency transactions. We are aware of the many problems brought about by trade and are studying how to control these problems.
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