Tuesday, 18 December, 2018

Bitcoin plunges as South Korea plans trading ban

Why South Korea's Cryptocurrency Crackdown Could Pop the Bitcoin Bubble Young South Koreans slam cryptocurrency trading crackdown
Roberta Sherman | 11 January, 2018, 21:15

News of the bill comes from S. Korea Justice Minister Park Sang-ki.

Following Choi's press conference, one financial regulator speaking on condition of anonymity said, "Choi's comments can be seen as a declaration of intent for all related government organizations to beef up investigations into cryptocurrency exchanges". The proposed legislation will need a majority vote of all 297 members of the National Assembly in order to ban trading outright.

Governments around the world are increasing scrutiny of cryptocurrencies as soaring prices attract everyone from mom-and-pop investors to Wall Street banks. In recent trade, bitcoin prices were trading over 11.3 per cent lower at $13,200.

'South Korea has always had a premium because it's very hard to get cash out of the country, ' said Dwyer.

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USA billionaire investor Warren Buffet told CNBC on Wednesday the global craze over bitcoin and other cryptocurrencies would meet a "bad ending".

Reuters reported a day earlier that South Korea has a bill in the works to shut crypto trading.

He added that it was a misleading idea that virtual currency trades contribute to the development of blockchain technology. As more people jump in, authorities have been seeking stringent regulations to keep it under their control.

By Thursday afternoon, the Justice Ministry's announcement had prompted more than 55,000 South Koreans to join a petition asking the presidential Blue House to halt the crackdown on the virtual currency, making the Blue House website intermittently unavailable due to heavy traffic, the website showed. Bitcoin dropped sharply on the Bitstamp exchange, after South Korea's justice minister said a bill was being prepared to ban cryptocurrency trading.

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While the government had been cautious of the idea of a complete shutdown, it rolled out plans to tame cryptocurrencies on December 13, followed by the Financial Services Commission's statement that a bill was being authored to ban exchanges' activities as illegal fundraisers. According to Reuters, both Coinone and Bithumb were raided by police and tax agencies for alleged tax evasion. While this news isn't good for investors of virtual currencies, it also doesn't mean that a ban is a sure thing. The digital asset off-late Asians, have been very active on Bitcoin trading exchanges.

Authorities had "grave concerns" over the craze and were "aiming to close virtual currency exchanges" in the country, he said.

One of Korea's biggest digital currency venues, Bithumb, said on Thursday that it met briefly with tax officials this week.

The nation's tax office and police declined to confirm whether they raided the local exchanges.

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