South Korea will attack the trading of crypto-currencies with a bill… Is this worrying ?

The south Korean government is preparing a bill to prohibit the trading of crypto-currencies on the territory. And this new messes things up on the market. Zoom in on the real impact of this bill.

A bill disturbing but not immediate ban

It is the minister of Justice of south korea, Park Sang-Ki, who made the announcement. In effect, the politician said during an official press conference that he had the intent to take them directly to the platforms of trading of crypto-currencies. He explained that this activity had no reason to be in the country, and that the digital currencies bouleversaient the economy. The concern is it ? Not in the immediate…

Flag of South Korea. Source : Pixabay – Big_Heart

In fact, you should know that this is only a project of law for the time being. It is therefore necessary that the text obtains a majority vote of the 297 members of the south Korean Parliament before being adopted. However, according to Reuters, this process is likely to drag on. It may take several weeks, or even months. Some even claim several years… moreover, this morning, the south Korean government intervened to deny the threats to ban the trade of crypto-currencies in the countries that have been at the origin of a movement of panic and a sharp fall of the Bitcoin, Ripple or Ethereum on the markets of Asia and the West.

Some changes, however

The various designers of crypto-currencies have reacted swiftly following the announcement of Park Sang-Ki, trying to reassure investors. Charlie Lee, creator of Litecoin, has noted that to date, contrary to some rumors, there was no question of banning crypto-currencies in China.

Korea bans Bitcoin FUD is the new China bans Bitcoin FUD. ?♂️

— Charlie Lee [LTC] (@SatoshiLite) January 11, 2018

On the other hand, some changes should soon be made in Asia, and especially in South Korea. Thus, citizens should be prohibited from using trading accounts anonymous. Similarly, users should in the next few weeks be subject to verification of identity, as is already the case on Bittrex or Bitfinex. Finally, several searches have been conducted by the south Korean government : for example, Coinone, the ninth-largest platform in the world, as well as Bithumb, have received the visit of inspectors of the tax administration this week. And Seoul will not stop there because the authorities plan also to control the banks offering of crypto-currencies.

South Korea, therefore, has the crypto-currency in the line of sight. The country intends to quickly calm the frenzy surrounding the digital currencies in this country. Because yes, the crypto-currency plays a major role in the south Korean economy. But for the moment, the government’s declarations seem to be reassuring. To follow.

Source : Bitcoinist