South Korea prepares to ban Bitcoin exchanges

South Korean government is considering a ban on Bitcoin exchanges due to the criticism of lawmakers as “deceptive.” The law is planning changes.

The news, quoted by an official, states:

“We are actively considering banning trading on local exchanges, considering virtual currency trading a deceptive tool to defraud people. ”

In recent weeks, South Korean authorities have taken a number of regulatory steps against Bitcoin. A complete ban on ICOs has been introduced. In addition, it has been suggested that cryptocurrencies will be subject to income tax in the future. Additionally, the government stated that citizens must have only one account on exchanges that is linked to their real identity.
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