Wednesday, 24 October, 2018

Bitcoin Fumbles After The Potential Ban

Bitcoin price update South Korea talk down ban after cryptocurrency WIPEOUT GETTYSouth Korea cryptocurrency trading ban is not official
Beatrice Douglas | 12 January, 2018, 03:35

South Korea has been one of the keenest adopters of bitcoin but the country's justice minister, Park Sang-ki, said in a press conference on Thursday that the government had "great concerns" about digital currencies, Reuters reported.

Bitcoin prices plunged on Thursday by almost 14 per cent, after South Korea intensified its crackdown on virtual currencies and considers a ban on all cryptocurrency trading in the country, one of the world's largest bitcoin markets.

Any cryptocurrency ban would need a majority vote from the National Assembly, which could take months or years, Reuters said. The move comes after the prices of bitcoin, Ethereum, and other top digital currencies were priced higher in South Korean exchanges compared to the rest of the world.

The theory is that the rumours are an FUD-missile meant to drive the price of BTC and other coins down so that crypto whales can buy them up at a "discount".

Ruling Democratic Party of Korea Rep. Park Young-sun said the ministry was "trying to burn down the barn to get rid of rats".

The South Korean government announced last month it would crack down on potential money-laundering using cryptocurrencies, and prohibit local cryptocurrency exchanges from allowing users to make transactions through anonymous accounts.

Bitcoin dropped as much as 12% to $12,801, before paring the loss to about 5% at 9.10am NY time, according to data compiled by Bloomberg.

Bitcoin price update South Korea talk down ban after cryptocurrency WIPEOUT
GETTYThis talk of a possible ban of cryptocurrency trading lead to a drop of 12 percent in bitcoin

The country's government is looking to clamp down on cryptocurrencies following a boom in initial coin offerings (ICOs) and trading of cryptocurrencies in the country.

On Thursday, January 11, 2018, reports from South Korea indicated that some of the nation's authorities are planning a ban on cryptocurrency trading in the country.

This year has not been so favorable for bitcoin as it receives more oppositions both from government and other cryptocurrencies, which may eventually cause an unimaginable fall in its value. "Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out".

By 5pm Hong Kong time, it was trading at US$13,723.94, down 7.8 per cent.

An unidentified spokesman told the Financial Times: "They asked for some data such as cryptocurrency trading volume, our exchange's sales and whether we are paying corporate tax well". The official, who spoke on condition of anonymity, said that Coinone was cooperating with the investigation.

According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won - the second largest concentration in terms of fiat currencies behind the dollar. Police raids on exchanges also follow earlier statements from regulators that they may tax capital gains from crypto trading.


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