South Korea plans to ban Bitcoin Exchange – Cryptocurrency price falls upto 22 %
The South Korean government on Thursday said it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges on alleged tax evasion.
The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymaker around the world struggled to regulate an asset whose value has skyrocketed over the last year.
Justice minister Park Sang-ki said the government is preparing a bill to ban trading of the virtual currency on domestic exchanges.
That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.
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. Meanwhile, 5 percent of all bitcoin are traded against the won.
Likewise the same situation happens in Oct 2017 ” China said to ban Bitcoin, virtual currency exchanges” The crypto market went upto 30 % down and jumped back to huge trading in bitcoin and altcoins.
“In mid-September the central bank, the People’s Bank of China, told virtual currency trading platforms based in Beijing and Shanghai to cease market operations.
The bank has focused its sights not just on bitcoin but also ethereum and any other electronic units that are exchanged online without being regulated by any country.
They include two Chinese platforms, Okcoin and BTC China, which accounted for 22 per cent of the global volume of bitcoin at the end of August.
The bank’s warning shot has shaken world prices and put a damper on the active community of local investors.”
The same situation happening now “All cryptocurrency falling right now on report of korean exchange ban” but the price will back upto 300% growth in upcoming 3 months
Note : Buy Cryptocurrency in the lowest in these days and hold and sell at the best price.. Happy Earning