Apple ban bitcoin
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The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year. A press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies, including the nation's finance ministry and financial regulators. Once a bill is drafted, legislation for an outright ban of virtual coin trading would require a majority vote of the total members of the National Assembly, a process that could take months or even years.
The Government's tough stance triggered a selloff of the cryptocurrency on both local and offshore exchanges. The local price of bitcoin plunged as much as 21 per cent in midday trade to Indeed, bitcoin's 1, per cent surge last year has stoked huge demand for cryptocurrency in South Korea, drawing college students to housewives and sparking worries of a gambling addiction.
By Thursday afternoon, the Justice Ministry's announcement had prompted more than 55, South Koreans to join a petition asking the presidential Blue House to halt the crackdown on the virtual currency, making the Blue House website intermittently unavailable due to heavy traffic. First posted January 11, If you have inside knowledge of a topic in the news, contact the ABC.
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