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Crypto Trading is Like Porn, says South Korea’s Ministry of Defence

Sead Fadilpašić
Last updated: | 1 min read

South Korea’s Ministry of National Defense is blocking access to online cryptocurrency trading platforms at internet cafes in military bases, the Korea Times reported.

An online notice by the military said: “We urge soldiers to refrain from visiting digital token exchanges to avoid disappointment from our decision to block access to relevant sites.” This is explained as being in line with other regulations that forbid soldiers from accessing gambling and pornographic sites.

According to a ministry official, “We are going to announce specific countermeasures for cryptocurrency transactions made in military units… The ministry is in internal talks to confirm whether it is against military regulations.”

This move seems to be in line with the regulations that the President’s executive office Blue House spokesperson Jung Ki-joon spoke of in the public press conference of January 15th. While Jung reaffirmed that there would be no ban on cryptocurrency in South Korea, strict measures were announced, promising that refusal to comply would result in a fine, the amount of which remains unspecified. These regulations include real-name trading and taxation, as well as forbidding underaged investors and foreigners from trading.

Meanwhile, what sort of disciplinary action non-compliant soldiers within military bases would face is also a matter of some debate, although the Korean military presumably operates under its own code of laws.

The volatility of the cryptocurrency market, characterized by quick successions of “dips” and “peaks”, has been deemed bad for the soldiers’ morale, according to Korea Times. However, they have also announced that they will offer their troops classes on financial education.