South Korea might impose cryptocurrency trading ban

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South Korea lawmakers have sent the cryptocurrency market into a free fall after the government’s justice minister said that the country is preparing a bill that would ban cryptocurrency trading. The news sent bitcoin tumbling 12 percent before recovering, and ethereum fell 7.6% on the Coinbase exchange after a day of growth in the 24 hours prior.

The foreign minister of the Republic of Korea (ROK) said:

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.”


For ethereum, this could spell bad news; on Wednesday it had passed $1,300 per coin, but has since fallen to $1,240 on the news of the possible ROK ban on trading. More than 10 percent of ethereum is traded against the South Korean won, according to CNBC. The BBC claims that bitcoin is very popular in South Korea too, and makes up about 20% of global bitcoin transactions.

Despite the bad news for those holding onto bitcoin or other cryptocurrencies, most are still optimistic given their excellent standing compared to 12 months ago. Bitcoin started off 2017 around $1,000 and climbed to $20,000 by the year’s end. Some analysts have been predicting that there will be a period of consolidation now where prices will not fluctuate too greatly. Others, however, are anticipating a huge climb in bitcoin’s price over the coming year, as it becomes more accessible to the wider public.

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Related Forum: PC General Forum

Source: https://www.neowin.net/news/south-korea-might-impose-cryptocurrency-trading-ban

Comments

"South Korea might impose cryptocurrency trading ban" :: Login/Create an Account :: 10 comments

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MikeyPosted:

KyloCrux Never understood bitcoin, never will.


Yeah same mate, i dont see what all the fuss is about lol

TomPosted:

KyloCrux Never understood bitcoin, never will.


maybe you should take a look at it, its an amazing currency. Not even sure if South Korea uses Cryptocurrency as much as America or canada does.

kcfrvrPosted:

I've never been that into cryptocurrency, but I know a lot of foreign countries use these quite often. Not sure what effect this will really have because I'm sure people will find a way to do it anyways.

MikePosted:

I mean the main purpose of it is so you can't track payments

FamousPosted:

KyloCrux Never understood bitcoin, never will.


What don't you understand about it?

DecyPosted:

I don't think they should ban it it is certainly volatile but in my opinion that shouldn't be enough to ban it yes there are something i just don't find right about it myself but there is alot of people involved in this and alot of money.

KyloCruxPosted:

Never understood bitcoin, never will.

OlafPosted:

If they do this. It will be interesting to see how it affects the outcome in other countries. I bet the the worth of bitcoin will go down if they ban it in certain countries.

MushroomElmPosted:

Been seeing the downsides to the rumors alone. If Korea does ban it outright, a lot of currencies will drop hard as Korea is a very big player on the field when it comes to trading.

Let's hope it doesn't happen.

FamousPosted:

Just can't believe it jumped like $700 in like a month. I have 1 coin in LTC, hoping to see that jump soon.