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South Korea Bans Bitcoin Across Nation

December 18, 2017

South Korea Bans Bitcoin Across Nation

In light of the massive rise of the cryptocurrency Bitcoin across the country, financial institutions in South Korea, including traditional banks have been barred from dealing in the same as per a recent move taken by the government.

According to a report, South Korea has become a hotbed for Bitcoin and contributes to as much as 20% of the global Bitcoin transactions.

The Prime Ministry Office in South Korea announced that the government is banning the financial institutions from buying, processing, or holding the virtual currencies. It also said that the government will modify the investor protection rules so as to prevent frauds.

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