South Korea to ban foreigners from crypto trading

South Korean Government is deeply concerned about due to the "unchecked speculation" on cryptocurrency market
13 December 2017   869

The government of South Korea announced that it would prohibit foreigners and minors from dealing with currency trading or opening accounts in local banks. This is reported by ZDNet.

Such a statement was made after an emergency meeting of high-ranking representatives of financial regulators, at which the risks of trading crypto-currencies were discussed.

According to the publication, the country will also introduce a profit tax on virtual money and will tighten requirements for the authentication of traders.

In turn, banks and other financial institutions will not be able to own, buy and mortgage crypto-currencies or their derivatives. In addition, transactions with the participation of virtual money institutional traders will be able to perform exclusively on stock exchanges.

Last week, the price of bitcoin in South Korea ranged from 14 million won ($ 13,000) to 25 million won ($ 23,000). As a result, officials expressed fears that the crypto-currency sphere could be a financial bubble because of "unchecked speculation."

It is also noted that the departments will make every effort to prevent losses of "ordinary" investors and suppression of speculation on stock exchanges. However, the full prohibition of crypto currency is out of the question, since such a move could hamper the development of financial technologies.

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   37

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.