South Korea has recently announced to ban trading in cryptocurrency after the law enforcement agencies and tax authorities raided local exchanges suspecting tax evasion. According to the press release issued by the country’s justice ministry, “There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges. The proposed ban on cryptocurrency trading was announced after enough discussion with other government agencies including the nation’s finance ministry and financial regulators.” As per reports, South Korea’s largest cryptocurrency exchanges like Coinone and Bithumb were raided by police and tax agencies for alleged tax evasion. Raids were conducted after the South Koran government is trying to find ways to tax the market that has become as big as the nation’s small-cap Kosdaq index in terms of daily trading volume. The Indian government had recently clarified that cryptocurrencies like bitcoin are not legal tender and do not have any regulatory permission or protection in India.
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