S Korea bans its banks from dealing in bitcoin
Country is a hotbed for cryptocurrency trading, accounting for 20% of global bitcoin transactions
Seoul
SOUTH Korea on Wednesday banned its financial institutions from dealing in virtual currencies such as bitcoin, as the cryptocurrency soars in a bubble fuelled by retail speculators, many of them from the country.
The hyper-wired country has emerged as a hotbed for cryptocurrency trading, accounting for some 20 per cent of global bitcoin transactions - about 10 times its share of the world economy.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Japan frets over relentless yen slide as BOJ keeps ultra-low rates
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Bank of Japan keeps rates steady, projects inflation staying near 2% in coming years
Weak yen pressures Bank of Japan’s interest rate decision