South Korea Kicks Crypto to the curb, Bitcoin takes a 7 % dip
Just when you think crypto is the “new gold rush” in Seoul, the justice ministry pulls the plug on exchanges, and Bitcoin’s price stumbles to nearly $13,800 – a 7 % drop that sent the market flapping its wings.
The Ministry’s Pun‑Shot
- User Park Sang‑ki, the justice minister, announced a red‑flag bill at a press conference: “We’re preparing to ban all cryptocurrency trading through exchanges.”
- He cited “great concerns” around virtual currencies, hinting that investors better get their hands off the digital wallets for now.
Raids, Taxes, and the Spirit of 2009
- Several Seoul crypto exchanges were hit by raids this week amid a probe into alleged tax evasion.
- “The proposed ban was a result of enough discussion between the justice ministry, finance ministry, and financial regulators,” Reuters reported.
- Bitcoin, launched in 2009 after a global financial crash, remains a pure digital asset with no central bank or regulatory authority backing it.
Why the Shake‑Up?
Essentially, the government wants to stop any “digital gold rush” that bypasses tax reporting and financial oversight, so the curb might be tighter than a yoga belt.
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