Cryptocurrency Regulations Come Into Force in South Korea

Today new rules concerning cryptocurrency have come into force in the South Korea
31 January 2018   64

The purpose of the legislation is to combat money laundering. The rules were published in the document on January 23. The document says that only those who use bank accounts with a real name will be permitted to trade cryptocurrency.

The new regulations came into force on January 30. According to the document new measures will prevent cryptocurrency transactions from being used for illegal activities, such as crimes, money laundering and tax evasion.

The South Korean Financial Services Commission stated today that the measures had actually entered into force. However, the press secretary said that it was still too early to talk about the consequences of those measures.

However, people from the cryptocurrency sphere are optimistic about the legislation in South Korea.

TenX co-founder, Julian Hosp thinks that the new legislation gives legitimacy to digital currencies by suppressing anonymity and illegal use cases. Meanwhile, others involved in the cryptocurrency sphere have welcomed South Korean regulation as a very necessary step in the field of digital currencies.

Despite positive community feedback, the market reacted negatively when the document was published and came into force. Earlier, the price of Bitcoin fell from its GMT open of almost $11,300 to just over $10,200. Not surprisingly, this situation caused a short-term decline in optimism regarding cryptocurrency.

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies  
22 February 2018   34

Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.