South Korea Preparing Bill to Ban Cryptocurrency Trading

by admin on January 16, 2018

30770562613_7e0eb39f0e_z (1)A representative from the Ministry’s Press office Park Sang-Ki commented that the proposed shutdown will have to involve several government agencies working together to implement several measures. Once the bill is drafted, the legislation will require a majority vote from the 297 members of the National Assembly, a process that could take months or even years.

The proposed banning of cryptocurrency trading in South Korea is big news to the Bitcoin market as it is one of the biggest markets in the world for cryptocurrency. Cryptocurrencies such as Ethereum have 10% and Bitcoin has 5% trades in South Korean Won.

The ban comes with concerns regarding the unstable nature of virtual currencies. Just after Parks remark did the Bitcoin exchange fall 12%, that and Ethereum on national TV took a 7.6% tumble. Cryptocurrency trading in South Korea is regarded the same as gambling and are priced significantly higher in the country’s exchanges than anywhere else in the world. Industry data provider CoinMarketCap, said they could not include South Korean exchanges in the price calculations as the results diverge from the rest of the world too much.

Bitcoin stock exchanges in South Korea took a major hit after the announcement.

Read the full story here

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Image: BTC Keychain

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