South Korea Plans to Ban Bitcoin Trading
South Korea said on Thursday it plans to ban trading of cryptocurrency, including the popular bitcoin.
The announcement sent bitcoin prices much lower and created unrest in the cryptocurrency market.
Justice Minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual money on South Korean currency exchanges.
He said, "There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges."
The price of bitcoin in South Korea dropped as much as 21 percent immediately after the minister's comments.
Around the world, one bitcoin was valued at about $14,000 on Thursday, January 11. Over the past year, the price moved from less than $1,000 in January 2017 to a high of $19,000 last month.
Bitcoin is different from national currencies, which are supported by governments and national banks. It is stored as a line of computer code. It is not printed on paper or something you can hold.
Bitcoin is similar to real money because you can spend it without using your real identity, as you do with a credit card. People who want to buy and sell things anonymously like bitcoin.
Exchanges of bitcoin in South Korea
By Thursday afternoon, more than 55,000 South Koreans called on the government to stop the proposed ban.
After the price drop, the South Korean president's office said a ban on cryptocurrency exchanges had yet to be finalized. It said the ban was one of the measures being considered.
A press official at the justice ministry said the proposed ban on cryptocurrency trading came after "enough discussion" with finance ministry and financial officials.
Once a bill is written, legislation for a ban of virtual coin trading still requires a majority of the vote in the National Assembly. It is a process that could take months or even years.
Mun Chong-hyun, chief analyst at EST Security, told Reuters the ban "will make trading difficult here, but not impossible."
Mun added, "Keen traders, especially hackers, will find it tough to cash out their gains from virtual coin investments in Korea but they can go overseas, for example, Japan."
Park Nok-sun is a cryptocurrency expert at NH Investment & Securities. Park said "Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out."
South Korean officials are worried that the rising value has fueled huge demand for cryptocurrency in the country. They fear college students and housewives are hoping to get rich quick by investing. They likened it to a game of chance.
The news of South Korea's proposed ban came as governments around the world are looking to control the trading of cryptocurrencies.
I'm Jonathan Evans.
- 在线广播：VOA慢速VOA常速BBC广播CNN广播CRI广播NPR广播科学美国人ABC 新闻AP news PBS高端访谈 NBC晚间新闻
- 双语阅读：图文阅读时尚双语双语资讯故事散文名著小说 海外文化原著下载
- 优乐娱乐场四级：四级资讯四级阅读四级词汇四级语法四级写作四级翻译完型填空四级优乐娱乐 四级题库资料下载四级优乐娱乐训练单词背诵
- 优乐娱乐场优乐手机版下载：优乐手机版下载资讯优乐手机版下载词汇优乐手机版下载阅读 优乐手机版下载写作优乐手机版下载试题优乐手机版下载翻译优乐手机版下载优乐娱乐优乐手机版下载改错优乐手机版下载下载优乐手机版下载优乐娱乐训练优乐手机版下载单词背诵
- 口译笔译：学习课程学习经验上海中级口译上海高级口译Catti MTI翻译硕士 精选翻译素材口译资料下载在线翻译
- 托福考试：托福动态托福词汇托福语法托福备考经验托福机经托福预测托福优乐娱乐托福口语 托福写作托福阅读托福词汇背诵托福作文批改
- AP news
您现在的位置： 首页 > 在线广播 > VOA慢速优乐娱乐场 > VOA慢速-时事新闻 > 正文
adj. 锋利的，敏锐的，强烈的，精明的，热衷的 <
|共 1829 期 查看所有内容||去掉右侧勾选即可取消连续播放 连播|