South Korea: The East Asian country that is considering an outright ban on bitcoin

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January 1, 2018

The South Korean government has announced a slew of measures to crack down on cryptocurrency trading in the country. The government has proposed a legislation which will restrict the extent to which conventional banks interact with bitcoin and other cryptocurrencies.

The legislation will prohibit banks from providing settlement services for unidentified digital-currency trades on bitcoin exchanges, the government said on Thursday. That means, for all practical purposes, if Koreans use credit card or net banking to buy cryptocurency at the exchange, they will not be able to do so as there would be no settlement.