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South Korea to outlaw Bitcoin futures

South Korea to outlaw Bitcoin futures
07.12.2017  |  in Regulation

The authorities of the Republic of Korea decide to ban the financial activity which has become quite a topic during the past month — Bitcoin futures. Don Tapscott once said that South Korea had lost its historic opportunity when it banned initial coin offerings. Bitcoin futures is a process when you can make a contract that fixes you bet on the possible price dynamics and values in the future, and initial coin offerings is when a company issues digital tokens to attract investments, often promising various bonuses for buying it.

Two companies in South Korea wanted to hold seminars on BTC futures, but they have decided not to do so after it became clear that the authorities had chosen the zero-tolerance approach towards this means of investment and trading.

Meanwhile in America, the regulators openly endorse the initiative of the Chicago Board Options Exchange, telling that while they had never seen anything remotely similar to Bitcoin when it comes to assets, they will make sure nobody cheats with Bitcoin futures issued by CBOE.

Russian authorities decided to freeze any private initiatives on this theme before the implementation of the corresponding laws. Japanese authorities, which currently do not support Bitcoin futures, are likely to do so in the future, as the overall cryptocurrency policy in this country is one of the most liberal in the world.

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