Korea readies ban on cryptocurrency trading as police & tax agency raid exchanges

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According to Justice Minister Park Sang-ki in a report today, the justice ministry is preparing a bill that would outlaw crypto trading through exchanges. "We have grave concerns about [the craze over] virtual currency and [a shutdown] would be one of the goals we are aiming for".

Another ironic incident that pulled down crpytocurrencies world, is when a major cryptocurrency Conference in Miami, US organised by Bitcoin put up a notice on its site saying it has stopped accepting Bitcoin for conference ticket due to network congestion and difficulty in processing Bitcoins. Money for industrial growth is being leaked to virtual money trading.

"Cryptocurrency trade in Korea is similar to speculation and gambling", he said, "(Cryptocurrency) does not have a physical denomination.

"The ministry is preparing legislation that basically bans any transactions based on a virtual currency through the trading floor". About exchange closure, there is no difference in views among government offices.

The government has held a series of ministerial-level meetings to discuss ways to calm the market and prevent negative impacts. Capital is flying away to virtual currencies. Many of those coins began to pare losses later in the morning. The official, who spoke on condition of anonymity, said that Coinone was cooperating with the investigation. "I'm concerned about the bubble burst that would deal a heavy blow to individual investors".

While the government had been cautious of the idea of a complete shutdown, it rolled out plans to tame cryptocurrencies on December 13, followed by the Financial Services Commission's statement that a bill was being authored to ban exchanges' activities as illegal fundraisers.

While the specific details of the law aren't known at this time, it's believed that the new law will allow the South Korean government to shut down crypto exchanges.

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Following the presidential office's message, the Justice Ministry softened its stance on the issue. The source said police have been investigating the company since a year ago, suspecting their operations of "gambling".

The theory is that the rumours are an FUD-missile meant to drive the price of BTC and other coins down so that crypto whales can buy them up at a "discount".

South Korea is planning to ban the trading of cryptocurrencies like bitcoin through the country's financial exchanges, in a move which could further destabilize the already volatile currency. In Dec. 2017, the country made it more hard to trade cryptocurrencies anonymously, threatening the possibility to ban cryptocurrency trading altogether.

But after the more cautious statements from Cheong Wa Dae and the Justice Ministry in late afternoon, the bitcoin price returned to the 20 million won level. That price also represented a fall of 34.5% from bitcoin's high approximately a month ago.

Just this week, Kodak's stock rose as the photography behemoth announced a pivot into the Blockchain technology, announcing its Kodak-branded mining rig called KashMiner, which was showcased at this year's CES. It still trades at around a 30 percent premium compared to other countries.

On Wednesday, investor Warren Buffet told CNBC that the craze around cryptocurrencies may have a bad end.

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