South Korea's defense ministry is taking steps to keep soldiers from getting caught up in the cryptocurrency frenzy
Chung Sung-Jun/Getty Images
- South Korea's Defense Ministry has reportedly warned soldiers against trading cryptocurrencies.
- The military may view cryptocurrency trading as a form of gambling as crypto exchanges have gone largely unregulated in South Korea.
- Earlier this month, South Korea's government proposed banning all cryptocurrency trading.
- The move set bitcoin prices plummeting and caused mass panic.
South Korea's Defense Ministry is taking steps to prevent its soldiers from getting caught up in the cryptocurrency mania.
The Ministry has reportedly warned its soldiers against entering into cryptocurrency trading, according to Korean daily Chosun Ilbo.
According to Chosun, the ministry said on January 16: "Trading of cyber money online interferes with soldiers' performance and keeps them from being fully prepared for combat."
The military has reportedly started using pop-up warnings on military computer screens which say cryptocurrency websites would soon be blocked.
According to Chosun, the military may view cryptocurrency trading as a form of gambling, on the grounds that crypto exchanges are largely unregulated in South Korea.
The country has been tightening restrictions around cryptocurrency trading, as South Korea houses some of the world's largest cryptocurrency exchanges. It is also the third-largest digital currency market in the world.
Earlier this month, South Korea's government proposed banning all cryptocurrency trading in the country. News of the potential ban sent bitcoin prices plummeting by 25 percent in what was referred to as a "bitcoin bloodbath."
Given the proliferation of cryptocurrency trading in the country, South Koreans took the news particularly hard.
South Korea assured its concerned citizens on Wednesday it would not ban all cryptocurrencies.
Instead, the country tightened regulations around crypto trading and banned anonymous crypto transactions.
Bitcoin briefly dropped below $9,000 on Thursday before rebounding slightly.
Get the latest Bitcoin price here.>>
The Bitcoin 101 Report by the Business Insider Intelligence Research Team.
Get the Report Now »
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance