South Korea wants to ban Bitcoin!

South Korea’s top financial regulator intends to prohibit trading in Bitcoin derivative transactions, as the Korea Herald recently reported . Thus, South Korean banks are not allowed to issue securities for betting on the Bitcoin price. The ban should serve investor protection.

The Financial Services Commission (FSC) is South Korea’s supreme financial regulation authority. As reported by Korean media the day before yesterday, the FSC wants to prohibit banks from issuing certain securities. These may not offer their customers their own Bitcoin futures or other derivative transactions.

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Several companies, such as eBest Investment & Securities and Shinhan Financial Investment, have even been banned from holding seminars designed to educate prospects about the opportunities that such investments offer. A statement was issued by FSC staff last Tuesday. In other countries, such as the United Kingdom or the United States, Bitcoin futures will soon be issued. These are already available in Switzerland, which are offered there by the asset management company Vontobel.

Economists have warned several times in this country before linking the conventional with the Internet financial market . Betting on the price of Bitcoin using such derivatives could increase the damage to investors due to the sharp fluctuations in the digital currency. Anyone who invests in this area must, as is customary with highly speculative investments, expect that in the end a catastrophic failure can occur. If you are lucky, your investment can multiply.

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Categories: Crypto Currency

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