South Korea good, India bad

Any suspicious activity will be reported to authorities. However, they are still not hacking proof as cited in various incidents, most recent amongst them is the attack on crypto mining service Nicehash where hackers stole over $60 million in users’ funds. But South Koreans, starting from housewives to office workers and even college students went on for trading, which ultimately led to an ‘obsession’. It is also looking into limits on cryptocurrency trading.

But the news site says the South Korean government’s crackdown could have been worse, as senior ministers “had suggested they might ban trading in bitcoin entirely”. Specifically, this will fall in line with the country’s attempt to better verify users of exchanges, especially those using virtual bank accounts.

Bitcoin and other cryptocurrencies were down on Monday morning after briefly recovering early into the weekend.

Last week, the value of bitcoin fell below the US$10,000 mark, half of what it was in December 2017, following moves by Seoul and Beijing to strengthen regulation of the trade in cryptocurrencies. The system will cover six banks.

Local government officials in South Korea are planning to tax most cryptocurrency exchange profits at 24.2%, taking a considerable bite from the bottom line, according to a report from Yonhap News.

There are more than 11 leading bitcoin trading platforms in India, If India Bans Cryptocurrency Trading or Bitcoin trading then there will be another plunge in Bitcoin prices and other cryprotcurrencies as well. And while it doesn’t appear to be fueling today’s moves, we got a little more clarity about some of the actions being taken.

In a nutshell, in order to deposit money into a cryptocurrency exchange account, South Koreans must attach their real names to the accounts.

South Korea, one of the largest markets in terms of bitcoin trading volume, has announced a ban on anonymous transactions in digital currency. For long-term growth, it is positive that the cryptocurrency market has experienced a week-long correction as it would allow the global market to stabilize and solidify, shaking off speculators and weak hands.

From 30 January, South Korea will also ban foreigners without local bank accounts and children under 19 from buying Bitcoin. That decision has now been implemented with this new regulation.