Bitcoin Rate Tumbled after South Korea Considers Cryptocurrency Trade Ban 359

Bitcoin Rate Tumbled after South Korea Considers Cryptocurrency Trade Ban

South Korea’s Justice Minister Park Sang-ki claimed that the Ministry is preparing a draft bill to ban digital currency deals at the special cryptocurrency exchanges in the country, reports russian news agency TASS.

“Justice ministry is basically preparing a bill to ban all cryptocurrency deals at the exchanges”, – noted the Minister. “There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges”, – he added.

Several hours ago Bitcoin rate decreased to 12 845 USD. However, after two and a half hours it increased to 13 428 USD. Anyway, the fall remained rather significant – around 9,82%.

Exchange analysts mention that Bitcoin rate decreased after the information on possible digital currency exchange ban in South Korea.

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The Japanese bank MUFG Will Launch Its Own Cryptocurrency 160

The Japanese bank MUFG Will Launch Its Own Cryptocurrency

After loud statements by Buffett and Gates concerning cryptocurrency, it seemed that at least the state institutions of countries would refuse from it, but a Japanese bank Mitsubishi UFJ Financial Group still decided to acquire its own cryptocurrency, MUFG Coin, in 2019.

“Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG, and the details have not been decided,” the bank’s spokesman said in an emailed statement to Reuters. “However we can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a blockchain technology.”

According to NHK Japan, the digital currency MUFG Coin will be tested for suitability in several regions of the country. 100,000 people who are associated with the company will be able to participate.

Representatives of the bank will provide an opportunity for users to use the cryptocurrency as a means to pay for goods and services in shops and institutions. The bank’s digital currency can be transferred to the accounts of those who participate in the project. If the idea is successful, then MUFG will be the first Japanese bank that has its own digital currency.

The MUFG coin can be used exclusively in Japan. In the world market it can be traded in pairs at non-financial currency exchanges instead of USTD (Tether cryptocurrency, tied to the dollar).

Those people who have downloaded and installed an application that automatically converts deposits into MUFG Coin will be able to take part in the test of the new currency. The cost of one coin is equal to one yen.

We remind you that the management of Mitsubishi UFJ Financial Group announced its intention to launch a  cryptocurrency exchange with the national currency, as well as a service with split Bitcoin-accounts.

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Cryptocurrency Advertising Was Banned on the Bing Search Engine 71

Cryptocurrency Advertising Was Banned on the Bing Search Engine

According to Investing, the search engine Bing, which belongs to the largest corporation Microsoft, will no longer display ads on cryptocurrencies, blockchain technology and products related to digital currency.

“Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.” wrote Melissa Alsoszatai-Petheo, a Bing advertiser policy manager, in the announcement. “To help protect our users from this risk, we have made the decision to disallow advertising.”

The updated policy on financial products and services will go into effect worldwide in June, and the enforcement will begin in late June or early July. Although Bing is not the most popular search engine, but the market of cryptocurrencies reacted to the news with a fall.

We remind you that earlier such global media, as Facebook, TwitterGoogle and YouTube refused to display ads of cryptocurrencies.

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