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South Korea may ban cryptocurrency trading amid fears of tax evasion
In a move that's sent bitcoin spiralling, officials in South Korea have announced plans to ban cryptocurrency trading in the country, though it would take time before such a ban in implemented. The plans come against a backdrop of concerns regarding tax evasion, as cryptocurrency trading in the country is highly speculative and similar to gambling. Many currencies, such as bitcoin and ether, are priced much higher in South Korea's exchanges than elsewhere in the world. Industry data provider CoinMarketCap has even begun excluding some South Korean exchanges in its calculations "due to extreme divergence in prices from the rest of the world".
