SEOUL, Jan. 10 (Korea Bizwire) — South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell [...]
SEOUL, Jan. 9 (Korea Bizwire) – Bitcoin prices on South Korean exchanges have risen today despite hints at government regulation, and a drop in the value of the cryptocurrency in other markets. According to cryptocurrency exchange Bithumb, the price per bitcoin reached 24.7 million won as of 2:30 p.m. today, up 1.4 percent after financial [...]
SEOUL, Jan. 2 (Korea Bizwire) — A planned protest against the government’s cryptocurrency regulations failed to live up to the hype, with no one turning up at Gwanghwamun Plaza over the weekend. Despite an online post last week urging bitcoin investors to join a protest against the current administration’s anti-cryptocurrency stance, no sign of protest [...]
SEOUL, Jan. 2 (Korea Bizwire) — The South Korean government has been developing a system that is likely to start banning the use of anonymous accounts in cryptocurrency transactions from around Jan. 20, financial industry sources said Tuesday. The system is a part of follow-up measures after the government announced last week a set of [...]
SEOUL, Dec. 29 (Korea Bizwire) – For better or worse, cryptocurrency has become a subject of intense interest this year, as skyrocketing valuations – of Bitcoin in particular – had amateur and experienced investors alike salivating, while the government grew increasingly uneasy over the effect the bull market was having on society at large. Most [...]
SEOUL, Dec. 28 (Korea Bizwire) – South Korean Bitcoin investors have been left fuming after the government hinted at shutting down cryptocurrency exchanges, with some threatening to stage a guerrilla protest in Seoul. The government’s U-turn on cryptocurrency, which could see exchanges and accounts banned in the future, has taken many by surprise, with some [...]
SEOUL, Dec. 27 (Korea Bizwire) — More than three out of every 10 South Korean workers have invested in cryptocurrencies to make a quick buck, a recent survey showed Wednesday. Of the 941 salaried people questioned, 31.3 percent have invested in virtual currencies, according to the survey conducted by online job portal Saramin. The average [...]
SEOUL, Dec. 21 (Korea Bizwire) – In the aftermath of the cyptocurrency exchange Youbit declaring bankruptcy, the lack of oversight and serious risks investors take in pursuit of profits are increasingly becoming the focus of conversation. Industry watchers said on December 20 that there are currently 20 cryptocurrency exchanges in operation, with 10 preparing to [...]
SEOUL, Dec. 20 (Korea Bizwire) – The Fair Trade Commission launched on-site inspections of cryptocurrency exchanges Wednesday to see if they comply with consumer-related laws, the government said Wednesday. The three-day inspections follow up on an earlier package of steps aimed at curbing cryptocurrency speculation and crimes. The measures came a day after one such [...]
SEOUL, Dec. 18 (Korea Bizwire) – Wallet apps used to store cryptocurrency are rising in popularity in the wake of Bitcoin’s meteoric rise in valuation that has stirred up feverish interest among experienced and amateur investors alike. According to market research firm Sensor Tower, over 25 million smartphone users worldwide have downloaded a wallet app [...]