Ban Ban Ban: Cryptocurrency trading in South Korea

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South Korean government is trying to ban cryptocurrency trading. The minister of justice of South Korea announce via public interview that the government shall ban the trading in a near future. According to South Korean press, this seems to become real as it is happening in China.

 

  1. Cryptocurrency trading in South Korea means going to jail at least 5 years.

The criptocurrency trading seems to be banned in South Korea as well. According to the report by Korean Press, the draft of the special law on Cryptocurrency transaction and trading have been leaked and this includes some punishment on that.

 

The initial draft defines the area of punishment of cryptocurrency trading as trading, relay, marketing, and advertising are all being banned. South Korean government shall define cryptocurrency as “gambling”. If a citizen is being involved in this transaction, the government can punish 5 years prison as minimum or USD50,000 fine.

 

  1. The ban by the major credit card companies

The Credit Finance Association of Korea recently revealed that eight domestic card companies prohibited all credit / debit card transactions for cryptocurrency trading so that domestic investors cannot purchase cryptocurrency trading website outside Korea.

 

The PR manager from BC Card has said that card issuers have voluntarily joined card transaction restrictions in keeping with government regulations.

 

A few days ago, one of the major banks in Korea, Shinhan Bank, have banned the identification service for opening bank account. By the law of Korea, if you want to open a bank account, it is essential to be identified personnel for the account. This means that the transaction will be banned if other banks are doing it.

 

  1. The resistance by citizens.

According the president house website, the petition on “We don’t want Cryptocurrency Trading Regulation to be made” is now becoming 154,526 citizens participation as of 17:00 today in Seoul local time.

If the number of petition reaches 200,000, the minister, or the secretary of the president must announce the reply on this petition.

 

As the regulation goes on, the price of cryptocurrency is Korea is now shrinking again.

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