Bitcoin price update: South Korea play down ban after cryptocurrency WIPEOUT


Bitcoin price update: South Korea talk down ban after cryptocurrency WIPEOUTGETTY

South Korea cryptocurrency swop ban is not official

South Korea finance minister, Kim Dong-yeon said officials deprivation to hold more consultations over the justice ministry’s plan to ban cryptocurrency interchanges in the country. 

And in the wake of his comments the justice ministry apeared to soften its point of view and insisted the proposed ban was not a done deal. 

He said conversations were engaging place on how the Government could regulate cryptocurrency trading. It has been overheating recently due to doubtful behaviour. 

Mr Dong-yeon said: “All government ministries agree on the need for a supervision response to an overheating in cryptocurrency speculation and for a degree of regulation.

“The issue of banning dealings that the justice minister talked about yesterday is a proposal by the Law Ministry and it needs more coordination among ministries.”

The justice the pulpit said: “The ministry has been preparing a special law to shut down all cryptocurrency stock exchanges, but we will push for it after careful consideration with related regulation agencies.”

This talk of a possible banning of cryptocurrency trading ache the value of bitcoin as it led to a fall of 12 percent.


This talk of a admissible ban of cryptocurrency trading lead to a drop of 12 percent in bitcoin

South Korea is think overed as one of the biggest cryptocurrency markets in the world.

Dave Chapman, managing commander at Hong Kong-based commodities and digital assets trading house Octagon Procedure, said: “Given the acceptance of cryptocurrency as a whole, and now its further adoption, and the recognition of the entire market, it’s hardly surprising to think that regulators are looking at this with some sifting.

“From a regulator’s perspective, they are trying to do the right thing. It’s respecting consumer protection and given that the heightened sort of fever in this asset kind, it is right that they’re looking into this further.”

Cryptocurrency buying in South Korea is incredibly speculative and the price of bitcoin and ethereum are tipsy than elsewhere in the world.

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