The North American Bitcoin Conference to be held in Miami next week has issued a statement on their website in regards to ticket sales no longer taking bitcoin payments. The conference had to shut down the cryptocurrency payments due to “network congestion and manual processing”, each transaction taking around 50 minutes.

Organizers had to close the payment system in order to reach print deadlines. Other disadvantages of cryptocurrency payment include lengthy processing times and increased transaction fees which, made it more problematic for the conference to accept Bitcoin payments.

The organizer Moe Levin wanted attendees to know that there are no other ticketing options which can handle the large volume of tickets sales and transaction fees as the Bitcoin blockchain exceed $30 at certain points of the day. Tickets programs such as Eventbrite are yet to have payment options that accept cryptocurrency.

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The conference organizers are hoping in a years’ time that there will be more global adaption in regards to cryptocurrency and have better tools for cryptocurrency payments.

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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.

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Image: BTC Keychain

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