Southern Korea considers shutting straight down domestic cryptocurrency exchanges

The country's tough stance comes as policymakers from america to Germany battle to develop stricter regulation against cash laundering and other crimes.

Responding to queries in parliament, South Korea's chief of the Monetary Services Commission said: "(The federal government) is taking into consideration both shutting down almost all local virtual currency exchanges or simply the ones who've been violating regulations."

Separately, Financial institution of Korea Governor Lee Ju-yeol told a news meeting that "cryptocurrency is not a legal foreign currency and isn't being used since such as for example of now."

Regulators all over the world are debating how exactly to address dangers posed by cryptocurrencies still, as bitcoin, the world's most popular virtual currency, soared a lot more than 1,700 percent this past year.

Prices possess plummeted since Southern Korea announced last week it might ban household cryptocurrency exchanges. Wednesday on, bitcoin slid 18 percent.

According to Bithumb, South Korea's second-largest virtual forex, the country's bitcoin trading cost stood at 15,697,000 won ($14,690.69) by 0314 GMT on Thursday.

On the Luxembourg-based Bitstamp exchange, bitcoin was traded at $11,750.

Hong Nam-ki, minister of the working office for government policy co-ordination, said that views on cryptocurrency trading are divided within the federal government sharply, but vowed to create a decision on rules during Thursday's parliamentary session.

Southern Korea's justice minister said the other day the ministry was preparing an expenses to ban cryptocurrency trading, which sent bitcoin prices lower and threw the marketplace into turmoil sharply.

The shift toward tighter regulation sparked strong reaction from many South Koreans, a large number of whom signed a petition on the site of the presidential Blue Home to avoid a ban on cryptocurrency trading.

Thursday on, the BOK governor stated the central financial institution had begun looking at the market's effect on the economy.

"We've started looking at digital foreign currency from a long-term standpoint, as central banks could begin issuing digital currencies later on. This sort of study has started at the lender of Worldwide Settlements and we are component of this research."

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