Korean government to impose taxes on digital currency transactions?

Harsha Puvvala
Harsha puvvala is a writer for Thecoinrepublic. He is a bachelor of technology student at Jawaharlal Technological University Vizianagaram. He is interested in digital currencies especially blockchain, ethereum. He hopes to conduct research on these digital currencies for financial asset development.
South Korea to impose taxes on digital currency transactions
  • South Korea is taking its steps to impose taxes on digital currency transactions.
  • As Per the Report, traders will pay premiums of more than 20% over the international rates for bitcoin.

By the latest news South Korea is taking its steps to impose taxes on digital currency transactions in the country that has driven traders to pay premiums of more than 20% over the international rates for bitcoin.

It also said that the government would crack down crimes involving in cryptocurrencies  and also impose severe punishments for such crimes along with banning minors from investing in virtual currencies and propose a bill that limits trading to exchanges that it provides investors enough transparency and protection.

Crypto Trading Ban

South Korea, the world’s third largest bitcoin market accounts for 15 % of daily global trade volume, considering Japan and US which takes up 44% and 32% according to the market analyst organisation Coinhills.

The bitcoins price has surged to almost 40% in 2017 and hits a high value of $17,428 on Bitstamp, making it the largest bitcoin exchange in the European Union in terms of trading volume while it started at the price of around $1000.

According to the world’s busiest virtual currency exchange Bithumb, South Korea’s monthly turnover of digital currencies rose about 186 times from January to November 2017, which is equal to 80% of Kosdaq’s average monthly turnover for the year 2017.

But the analysts admit that Imposing of taxes on digital currency transactions is not enough to tame bitcoin mania among Bitcoin traders.

In order to propose the bill the records of both currency exchange operators and traders must be maintained separately.

 

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