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“Kimchi Premium” Goes Bad as Bitcoin Continues to Nosedive

“Kimchi Premium” Goes Bad as Bitcoin Continues to Nosedive

SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s “kimchi premium” — a reference to the 15 to 25 percent premium on Bitcoin prices locally compared with foreign markets — is now reversed, with the price of one unit of the most widely known cryptocurrency dropping below valuations abroad. According to Bithumb, South Korea’s largest cryptocurrency [...]

S. Korea Starts Real-name Trading System for Cryptocurrencies

S. Korea Starts Real-name Trading System for Cryptocurrencies

SEOUL, Jan. 30 (Korea Bizwire) – South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities. The real-name trading system is also part of the government’s latest measures to curb speculative investment [...]

Young South Koreans Turn to Cryptocurrency Investment in Desperation

Young South Koreans Turn to Cryptocurrency Investment in Desperation

SEOUL, Jan. 27 (Korea Bizwire) — The cryptocurrency craze continues to sweep across South Korea despite the government’s hard-line stance, particularly thanks to young people who are hoping to turn their lives around with a get-rich-quick investment scheme. With over 1 million cryptocurrency trading accounts, the high level of public interest in virtual currencies in the [...]

Seoul Mulls Taxation on Virtual Currency Transactions: Finance Minister

Seoul Mulls Taxation on Virtual Currency Transactions: Finance Minister

SEOUL, Jan. 25 (Korea Bizwire) – South Korea is considering imposing taxes on virtual currency transactions as part of its efforts to curb excessively speculative investment in cryptocurrencies, the country’s top economic policymaker said Thursday. “We are reviewing (taxation) because (cryptocurrency) is seen to be taxable,” Finance Minister Kim Dong-yeon told lawmakers. “We are looking at a variety of cases in other countries.”The finance minister also [...]

Banks to Issue New Trading Accounts for Cryptocurrencies Next Week

Banks to Issue New Trading Accounts for Cryptocurrencies Next Week

SEOUL, Jan. 23 (Korea Bizwire) — Six South Korean banks will begin issuing new trading accounts for cryptocurrencies next week by introducing a system that bans the use of anonymous accounts in cryptocurrency transactions, a senior financial regulator said Tuesday. When the banks introduce the system of verifying cryptocurrency investors’ identification next Tuesday, current virtual [...]

Cryptocurrency Investors Furious Over Massive Downturn in Fortunes

Cryptocurrency Investors Furious Over Massive Downturn in Fortunes

SEOUL, Jan. 22 (Korea Bizwire) — With cryptocurrency valuations having plummeted since reaching record highs only weeks ago, online communities for investors have degenerated from optimism and high spirits to, evidenced by uploaded photos of cracked monitors and ruined doors, bitterness and destructive behavior. Whether the damage wrought in these photos was truly caused by [...]

Gov’t to Collect 24.2 Pct of Taxes on Income by Cryptocurrency Exchanges

Gov’t to Collect 24.2 Pct of Taxes on Income by Cryptocurrency Exchanges

SEOUL, Jan. 22 (Korea Bizwire) — The government said Monday it will collect up to 24.2 percent of corporate and local income taxes from South Korea’s cryptocurrency exchanges this year. The Seoul government has been striving to rein in the virtual currency frenzy in Asia’s fourth-largest economy while contemplating a bill to ban cryptocurrency exchanges. [...]