South Korea de facto ban: Trading in cryptocurrency is now a violation of civil servants’ law


  • All government officials de facto banned from trading cryptocurrencies.
  • Disciplinary action will be taken on account of crypto trading activities, especially during work hours.

The government of South Korea is reported to have issued a ban on virtual currency holdings and transactions to all government officials. All the government officials have been de facto banned from engaging in cryptocurrency trading. Similarly, even the officials participating in crypto activities not related to their jobs have been affected and will not be allowed to take part in any trading activities involving the digital assets.

The published document, entitled “Virtual currency holdings and transaction-related information for civil servants,” explained:

“The personnel department requested that they [civil servants] refrain from holding and trading virtual currency even if there is no job relevance…This is the first time the government has formulated a virtual currency ban for all public officials.”

The publication elaborated that the law will be applied to any public officials found engaging in cryptocurrency trading activities. Especially if they are found doing so during work hours, stating that they will be “in violation of the prohibition of forbearance obligations under the civil servants’ law.” Disciplinary action will be taken on account of such activities.

Some government organizations, like the Financial Services Commission (FSC) and the Trade Fair Commission, already issued warnings to their employees to refrain from making investments in cryptocurrencies.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD may hit $8,000 soon if SMA50 daily gives way

BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility.

More Bitcoin News

Ripple Price Analysis: XRP/USD breaks above $0.19, bulls aims for $0.20 next

XRP/USD bulls are well and truly in control as the price has risen from $0.1794 to $0.1955, going past crucial psychological levels at $0.18 and $0.19. To continue this upward momentum, the bulls must go ...

More Ripple News

Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00.

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP