Will South Korea ban bitcoin?

South Korea is considering a law to ban cryptocurrencies such as Bitcoin being traded on local exchanges. Justice Minister Park Sang-ki said virtual currencies were "great concerns" and that the ministry was preparing a bill to ban trading.

Will virtual currencies be banned in South Korea?

Justice Minister Park Sang-ki said virtual currencies were "great concerns" and that the ministry was preparing a bill to ban trading. However, South Korea's presidential office said later that a ban had not yet been finalised and was one measure being considered.

What is the price of bitcoin in South Korea?

In South Korea it trades at about a 30% premium compared with other countries. There is no one fixed price for Bitcoin as it is not regulated and is traded on dozens of exchanges worldwide. According to Coindesk.com, the price of Bitcoin was about 8% lower at just under $13,800 on Thursday afternoon.

Is bitcoin illegal?

Whereas themajority of countries don’t make using Bitcoin itself illegal, its status as a means of payment or as a commodity varies with differing regulatory implications. Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions.