• South Korea's central government building.
    Asia & Australia,  Cryptocurrencies

    South Korea goes nuclear on cryptocurrencies

    An FAQ on what just happened so people think you know what you’re talking about

    Thursday was a brutal day for cryptocurrencies and many new investors were no doubt sweating bullets as they checked their trading accounts. Hopefully, this FAQ will help. What happened? South Korea’s justice minister, Park Sang-ki, said in a press conference that the government was, “basically preparing a bill to ban cryptocurrency trading through exchanges,” according to Reuters and several other media outlets. This comes after it was reported that the South Korean tax authorities and police paid a visit to the country’s largest cryptocurrency exchanges, including Coinone and Bithumb. Whoa! Why are they so much against cryptocurrencies? Two big reasons: The government is trying to crack down on crime and…