The Wall Street Journal: South Korea mulls bitcoin exchange shutdown to quell speculative frenzy

South Korea’s government announced tougher measures to crack down on cryptocurrency trading in the country and said it is considering shutting down the nation’s bitcoin exchanges, stepping up its attempts to curb widespread investor speculation fueling the market.

New proposed legislation in Korea will ban the use of anonymous cryptocurrency accounts starting next month and prevent banks from providing settlement services for unidentified digital-currency trades on bitcoin BTCUSD, -8.15% BTCF8, -6.47%    exchanges, according to a statement from the government on Thursday.

Read: Bitcoin tumbles almost 10% as South Korea moves to curb crypto trade

The government also cautioned that digital currencies could be “vulnerable to the damage from investment fraud or hacking attacks on the exchanges.”

Last week, Youbit, a Seoul-based cryptocurrency exchange, suspended trading and filed for bankruptcy after it was hacked a second time in eight months and lost a chunk of its digital currency reserves. Investigators in South Korea are looking into North Korea’s possible involvement after the exchange collapsed.

A version of this report appears on WSJ.com.

Popular on WSJ.com:

Homeowners rush to prepay 2018 property-tax bills

Opinion: understanding the Trump show

Filed in: Top News Tags: 

You might like:

Mutual Funds Weekly: Stock market to the bulls: This race is in the final laps Mutual Funds Weekly: Stock market to the bulls: This race is in the final laps
Apple announced more new, permanent jobs than any other company this year Apple announced more new, permanent jobs than any other company this year
The Ratings Game: An expanded PayPal, Facebook partnership could be a ‘game changer’ for both, analyst says The Ratings Game: An expanded PayPal, Facebook partnership could be a ‘game changer’ for both, analyst says
Key Words: Famous French novelist makes case that Trump is one of the best American presidents Key Words: Famous French novelist makes case that Trump is one of the best American presidents
Trump Today: Trump Today: President says he didn’t tell Cohen to break the law and puts fresh pressure on Fed Trump Today: Trump Today: President says he didn’t tell Cohen to break the law and puts fresh pressure on Fed
The Wall Street Journal: Trump inauguration spending under criminal investigation The Wall Street Journal: Trump inauguration spending under criminal investigation
NewsWatch: Here’s more evidence that stocks are now facing a bear market NewsWatch: Here’s more evidence that stocks are now facing a bear market
Capitol Report: Janet Yellen is worried about the next financial crisis Capitol Report: Janet Yellen is worried about the next financial crisis

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.