South Korea came with a decision to ban cryptocurrency trading, LeapRate already reported. The country’s government came out with a statement saying that the ban will be enforced once enough consultation and opinions are coordinated and taken into consideration.
Commenting on South Korea’s suggested crackdown on cryptocurrency trading Dr. Daniele Bianchi, Warwick Business School Assistant Professor of Finance said the following:
“Increasing value and legitimacy of cryptocurrencies is not only good for investors, but also brings attention from regulators and policymakers. As Bitcoin and altcoins are becoming more mainstream, being constantly in the spotlight, we are seeing regulators becoming more active to crack down on illegal uses.
“The situation is not the same across countries however. While the South Korean and the Chinese governments are planning to take decisive steps in monitoring and limiting trading in cryptos, the Russian government has drafted a new bill for the legalisation of cryptos trading in authorised platforms.
“We should expect a great deal of diversity in the way regulators will deal with cryptocurrency trading. The bottom line is that, although governments need to put in place efficient regulations that prevent investors getting into difficult situations, the way such regulations are drafted will largely depend on their view of cryptos as a useful financial innovation rather than a threat.”