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Cryptocurrencies

South Korean authorities to plan Bitcoin ban

Thursday 11 January 2018 | 11:24 AM CET

South Korean authorities have announced plans to ban cryptocurrencies such as Bitcoin being traded through its exchanges.

Meanwhile, several Seoul cryptocurrency exchanges have been raided at the beginning of January 2018 week in a probe into alleged tax evasion. The crackdown in South Korea by authorities included a raid on the country's second largest virtual currency operator, Bithumb, according to Reuters. It is understood the department is preparing legislation that would allow the exchanges to be shut down.

Moreover, South Korean financial authorities have been inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.

Digital currencies such as Bitcoin have surged in value during 2017 - driving a huge demand. That has led to concerns about gambling addiction as inexperienced investors try to ride the wave.

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