Bitcoin value slumps as South Korea bans anonymous trading of cryptocurrency


Deadline Announced

Bitcoin’s value plunged 2.7 per cent today to $10,179 as South Korea announced deadline for banning the trading of the cryptocurrency from anonymous bank accounts.

According to the announcement from the Financial Services Commission (FSC), the ban comes into effect from January 30, and will prohibit foreigners without local bank accounts and children under 19 from buying Bitcoin.

Under the new rules, everyone trading bitcoin in South Korea will now have to identify themselves, in new regulation that endangers one of the cryptocurrencies’ most central principles.

The country’s government is still considering an outright ban, an official told media.

A number of major Indian banks have also frozen top Bitcoin accounts as its value continues to plunge.

Established in 2009 after the financial meltdown, Bitcoin is a digital currency that has no central bank or regulatory authority backing it up. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.