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South Korea seeks to curb speculation in virtual currency trading

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South Korea seeks to curb speculation in virtual currency trading

South Korea plans to implement additional measures to curb speculation in virtual currency trading in the country, Reuters reported.

As part of the plan, the government will ban the opening of anonymous cryptocurrency accounts and will allow regulators to close virtual currency exchanges if needed, the report said, citing a statement from the government.

Virtual currencies have been gaining popularity in South Korea, and trading prices of most virtual currencies in the country were higher than in other countries, the government said. It further reiterated that cryptocurrencies cannot be actual currencies given its volatile nature which could result in huge losses.