South Korea Military Blocks Soldiers Admittance to Cryptocurrency Trading
The Ministry of National Defense of South Korea has started blocking access to online trading platforms on military bases.Given that Korean financial agents are thinking about an internal cryptocurrency increase in the country’s military is already disturbing and imposing their measures to prevent soldiers from trading cryptocurrencies like bitcoin, reports the Korea Times.
Since Monday, the Department of National Defense has put in place firewalls to block soldiers’ access to cryptocurrency exchanges in Internet cafes in several military bases.
In a statement, the ministry said:
“In accordance with internal regulations, we will gradually close Internet access to foreign currency websites from Monday.”
The afore-mentioned “internal rules” classify cryptocurrency exchanges with the online gambling and pornographic site that are also barred according to Korean military standards. Also, the Ministry of Defense is also working to develop and introduce regulatory buffers against the cryptography trade, beyond blocking access to trading platforms.
“We are going to announce precise countermeasures for cryptocurrency operations in military units,” an official at the South Korean ministry said. “The ministry is in internal talks to confirm if it’s against military standards.”
The events occur at a time of scrutiny in the local Cryptocallization markets, among the largest in the world, by the Korean government and regulators. Last week, the country’s Justice Ministry proposed a complete closure of all cryptocurrency exchanges in a bill. The reaction was immediate and forced the country’s presidential office to issue a statement cooling these fears. The Ministry of Justice, having seen his proposal, did not receive the support of other government agencies, including the Ministry of Finance, has finally softened its position.
Meanwhile, the military, who allegedly operate under their code of laws, told the soldiers in a notification this week:
“We demand that soldiers refrain from visiting the digital exchange centres to avoid disappointment in our decision to block access to relevant sites.”