South Korea Blocks Access to Crypto Trading for Soldiers

Starting Monday, the ministry began blocking access to online cryptocurrency trading systems at internet cafes on military bases
17 January 2018   591

Ministry of National Defence of the Republic of Korea announced on Monday that it  is considering various regulatory measures against cryptocurrency as it could harm soldiers' morale. This is reported by The Korea Times.

Starting Monday, the ministry began blocking access  to online cryptocurrency trading systems at internet cafes on military bases.

We are going to announce specific countermeasures for cryptocurrency transactions made in military units. The ministry is in internal talks to confirm whether it is against military regulations.


Ministry of National Defence statement

The defense ministry also said it will offer a series of financial education programs for soldiers, as it is hard for them to access financial and banking information inside military camps.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   124

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.