In what appears to be a significant U-turn, the government said it would stop short of issuing a full
ban on cryptocurrency exchanges — something that seemed a very real possibility only a few days ago.
The price of bitcoin, the world's most popular cryptocurrency at present, took a beating Thursday after reports said South Korean Justice Minister Park Sang - ki was planning
a ban on cryptocurrency exchanges in the country, which is a global hub for such trading platforms.
It's only one day of gains, but investors are desperate for Litecoin news after the Chinese
ban on cryptocurrency exchanges.
Perhaps they thought the reaction to China's
ban on cryptocurrency exchanges was a tad overblown.
The Chinese government last month imposed a nationwide
ban on cryptocurrency exchanges, causing the price of Bitcoin to
It has recovered well from its 40 % decline which occurred throughout the month of September due to Chinese government's nationwide
ban on cryptocurrency exchanges.
Fears of a possible
ban on cryptocurrency exchanges in South Korea has led to a sharp drop in the capitalization of the whole cryptocurrency market.
China first introduced
a ban on cryptocurrency exchanges and ICOs in September 2017.
In a statement, the government floated the idea on a nationwide
ban on cryptocurrency exchanges, although it's unclear whether such a ban would be politically or technically feasible.
China has brought about
a ban on all cryptocurrency exchanges whereas Japan has recognised the same as a payment mode.
While the Central bank of Russia was calling a nation wide
ban on cryptocurrency exchanges, Russia Presdient Vladmir Putin was favouring Cryptocurrencies.
This new directive underpins the government's
ban on cryptocurrency exchanges, enacted in September 2017.
Central Bank of Russia calls for nationwide
ban on Cryptocurrency Exchanges.
Markets have absorbed the shock of China's
ban on cryptocurrency exchanges and appear ready to move on.
South Korea's citizens reacted angrily to a proposed
ban on cryptocurrency exchanges, with politicians and residents alike condemning the move.
The chairman of the National Bank of Kazakhstan told Sputnik News it is seeking an all - encompassing
ban on cryptocurrency exchanges and mining.
The chairman of the National Bank of Kazakhstan told Sputnik News it is seeking an all - encompassing
ban on cryptocurrency exchanges and mining.
South Korea's citizens reacted angrily to a proposed
ban on cryptocurrency exchanges, with politicians and residents alike condemning the move.
It's only a matter of time before China lifts
its ban on cryptocurrency exchanges, according to the entrepreneur behind what was once China's longest - running bitcoin trading operations.
If there are verified rumors of widespread
bans on cryptocurrency exchanges then you should consider either selling a large portion of your assets, setting the stop at loss positions or transitioning your portfolio to privacy coins that can weather the storm.
In addition, the policy also included
bans on cryptocurrency exchanges and wallet services, unless they are public companies and are listed on major stock exchanges.
The policy will be introduced over the course of the next 30 days and will also include
bans on cryptocurrency exchanges and wallet services, unless they are public companies and are listed on major stock exchanges.
South Korea is reportedly «considering»
a ban on cryptocurrency exchange as lawmakers criticize it as «deceptive.»
Not exact matches
In the fall, the Chinese government clamped down
on the frenzy by
banning initial coin offerings, or ICOs, and by tightening controls
on cryptocurrency exchanges.
Crypto crackdown China, home to the world's biggest community of Bitcoin miners, is cracking down
on cryptocurrency activity, haling trade of virtual currencies
on domestic
exchanges and
banning initial currency offerings.
Bitcoin was 10.47 percent lower at $ 13,332.24
on the Luxembourg - based Bitstamp
exchange after South Korea's government said it plans to
ban cryptocurrency trading.
According to a statement obtained by Reuters, the South Korean government plans
on banning minors (young people, not those who mine) from opening accounts with
cryptocurrency exchanges.
South Korea's government announced that it may still go
on to
ban the trading of
cryptocurrencies on exchanges, following apparently conflicting reports
on the matter days earlier.
In China, over the last several months, regulators shut down vast swathes of the
cryptocurrency world,
banning token offerings (ICOs) and demanding that trading
on cryptocurrency exchanges cease.
He also pledged that Chinese authorities would continue to apply pressure to the trade of digital assets, which was significantly ratcheted up last year with
bans on token offerings, colloquially known as ICOs, and
on cryptocurrency exchanges, which had to either cease or dramatically reconfigure their operations, or move abroad.
The People's Bank of China announced a
ban on token offerings (ICOs) in September 2017 and shortly thereafter its broad
cryptocurrency crackdown effectively prevented travel by
exchange executives.
Bitcoin price took a huge fall
on Friday after Caixin, a Chinese financial magazine, reported that Chinese Central Bank officials are working
on rules to
ban the trading of Bitcoin and all other
cryptocurrencies on Chinese
exchanges.
Investors and
exchanges in South Korea were bracing themselves for what was understood as a potential government - issued
ban on cryptocurrency trading; but conflicting reports from different parts of the government are now surfacing, leaving the global community rocking
on its heels.
But the MSF disagreed, saying, «We do not share the same views as the Ministry of Justice
on a potential
cryptocurrency exchange ban.»
South Korea's government said
on Thursday it plans to
ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local
exchanges on alleged tax evasion.
China is reportedly developing its personal digital forex regardless of having
banned preliminary coin choices (ICOs) and stopped
cryptocurrency exchanges from working
on its shores final 12 months.
The news of South Korea's proposed
ban came as authorities tightened their grip
on some
cryptocurrency exchanges.
The latest sign that China's regulators are actively scrutinizing
cryptocurrency exchanges, the report further explained that the execution plan came into effect in September last year when People's Bank of China (PBoC) put out its
ban on initial coin offerings (ICO) and ordered closure of fiat - to - crypto trading.
China's recent
ban on initial coin offering (ICO), a cross-between crowdfunding and initial public offering, has forced local
cryptocurrency exchanges into stricter self - scrutiny about their supervision mechanisms.
Facebook, Google and Twitter's
bans on cryptocurrency advertising are unlikely to make a sizable dent in traffic to crypto
exchanges, according to SimilarWeb.
As for
cryptocurrency exchanges, it appears that they might be
banned as well from advertising
on the social media platform.
Bloomberg (among others) reports that
exchange operators decided to close down after in - person meetings with PBOC officials, and the Wall Street Journal reports — based
on anonymous sources — that the PBOC has prepared a set of «draft instructions» that would
ban cryptocurrency trading altogether.
However, while it appears that the
exchanges have won the battle, the war is still
on - and the fear in the markets is that the governments might outlaw
cryptocurrencies and issue a blanket
ban on them in the nation.
This is an unofficial
ban on crypto trade in India - and
cryptocurrency traders as well as
cryptocurrency exchanges have been outraged against this draconian decision.
The
ban will apply to OTC derivatives and not to trading
on a regulated
exchange or
on a multilateral trading facility, which is designed to supplement a Belgian distribution
ban that was already in force for certain products, such as financial products with Bitcoin or other
cryptocurrencies as their underlying.
China, which at one time controlled nearly 80 percent of the world's
cryptocurrency trading volume, placed a blanket
ban on exchanges and Initial coin offerings.
The news from India added to the existing pessimism in the
cryptocurrency market
on account of China's announcement of blocking foreign crypto
exchanges, and the move by major banks such as JP Morgan Chase, Citigroup, and Bank of America from the US and Lloyds Bank from the UK to
ban cryptocurrency purchases via their credit cards.
Presumably Twitter will also
ban ads
on cryptocurrency exchanges and
cryptocurrency wallet services, unless they are public companies listed
on certain major stock markets.
The imposition of fines against
cryptocurrency exchanges for poor security measures is optimistic for the South Korean
cryptocurrency market in the long run, because it has shown that the government has taken the approach of regulating the market and protecting investors, rather than issuing an outright
ban on cryptocurrency trading.
After China's new
bans on ICOs and
cryptocurrency exchanges, Chinese sites Baidu and Weibo have reportedly stopped allowing crypto - related ads.