South Korea Plans To Ban Cryptocurrency Trading

As policymakers around the world fought to control an asset whose value has skyrocketed over the previous 34, a crucial source of global demand for cryptocurrency, the clampdown in South Korea, arrived. Justice Union Park Sang-ki explained the government prepared a bill to prohibit the trading of their digital money on national exchanges. “There are terrific concerns about virtual currencies as well as the law ministry is essentially preparing a bill to prohibit cryptocurrency trading via trades,” Park told a press conference, according to the ministry’s media office. After the market reaction to this statement, the nation office hours afterwards stated that a ban on the country coin trades had not been finalised whether it had been among those steps.

A press official in the law ministry said the planned ban on cryptocurrency trading had been declared after”enough debate” along with other government agencies, including the country’s finance ministry and financial authorities. Once a bill has been drafted, laws for the outright banning of digital coin trading will need a vast majority vote of their National Assembly. The tough stance of the government sparked a selloff of their  비트맥 on both the local and overseas exchanges. 17,064.53) following the minister’s remarks. It trades at about a 30 per cent premium in comparison to other nations. The cryptocurrency-related shares of south Korea were hammered.

KQ), that can be analysts of Bithumb, skidded from the daily trading limitation of 30 per cent every day. Once enforced, the South Korea’s ban”can create trading hard here, however perhaps not hopeless,” said Mun Chong-Hyun, the leader in EST Security. “Keen dealers, particularly buyers, will find it hard to cash their profits from digital money investments in Korea but they could go abroad, such as Japan,” Mun said. An analyst in Securities & NH Investment, park Nok-sun, stated the herd behaviour in the virtual coin economy of South Korea had raised concerns. BTSP 1,500 per cent spike this past year has stoked enormous demand for cryptocurrency attracting on college students to housewives and sparking concerns of gambling addiction.