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South Korea to impose new constraints on digital currency

South Korea’s Government announced Thursday it will impose additional procedures to regulate digital currency trading speculation inside the country.

The government said in a statement that it had warned several times that digital coins could not play a role as an actual currency and could result in heavy losses due to excessive volatility.

digital currency
digital currency

Korea Stock Exchange is higher in digital currency

The Government indicated that most digital currencies rates were much higher in the South Korean stock market than in the stock exchanges in other countries, though it did not provide specific examples.

The statement said these steps would include a ban on anonymous digital currency accounts and enforcing new legislation to allow for organizers to close the digital currency trading centers if needed, a procedure recommended by the Ministry of Justice.

Tax on capital gains from trading

South Korea had earlier announced its plan to impose a tax on capital gains from trading digital currencies to address what it sees as the danger of excessive speculation.

This price has dropped Bitcoin during Thursday’s trades at $14550 opened today at $15374 trades and had recorded the highest at $15467 recorded the lowest at $13730.

India: Digital currency is a scam

India warned Friday not to invest in encrypted digital coins, including Bitcoin and suspecting the Ponzi fraud schemes in a reference to Charles Ponzi is one of the biggest crooks in American history and was the first to create the famous fraud method of «Ponzi series» or Phantom Pyramid.

The Indian Finance Ministry said in a statement that despite the recovery of the Exchange led to an enormous increase of prices, the encrypted Exchange «have no intrinsic value and not supported by any kind of asset.

Real and growing danger

“There is a real and growing risk of an investment bubble on what is happening in Ponzi pyramid schemes that could lead to a sudden and long-term collapse,” they said.

Bitcoin prices collapsed by approximately 40% from a record $19500 price in the month after the withdrawal of investors as a result of the missile going up highly volatile currency.

Analysts and Government repeated warning of a bubble could burst at any time after the ripoff investors, including a large number of inexperienced, about this currency. The Indian Government has stressed the need to exercise extreme caution to avoid «consumers falling into the trap of this type of fraudulent schemes.

 

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