South Korea bans cryptocurrencies and bitcoin trading
Park Nok-sun, a cryptocurrency analyst at NH Investment & Securities had quoted saying that the herd behavior in South Korea’s cryptocurrency market has raised concerns. The Bitcoin is really making a big noise in the market.
Yonhap a leading publication quotes on 16th January 2018 government statement as saying:
“The proposed shutdown of exchanges that the justice minister recently mentioned is one of the measures suggested by the justice ministry to curb speculation. A government wide decision will be made in the future after sufficient consultation and coordination of opinions.”
January 2018 the black month for the market
starting year of 2018 is not so getting good for the cryptocurrency market . In the starting of January 2018 ripple price dipped drastically . It is because of the crypto giant Coinmarketcap announcement. On 8th of January 2018 it remove three Korean cryptocurrency exchanges from their data analysis. It resulted to drop of the prices.
On 14th of the January 2018 , Central bank of Indonesia released a press conference that , it will not accept any cryptocurrency as a payment in other words payment in Indonesia has to be made in their own currency i.e. Rupiah not the cryptocurrency, reason stated was the law.
The Finance minister said that Bitcoin ban is no longer a hoax and the option is live “
In an interview with a local radio station TBS, finance minister of South Korea said that banning cryptocurrency is a “ live option “. This statement made a big hue and cry over exchanges resulting into a big plunge in a rate of bitcoin and all the cryptocurrencies. He said that banning the exchanges is still on the table but the ministers need to think upon it seriously .
The Korean government is considering to force the people to use their real name and address to trade and not the dummy names. Further the ministry is researching on the mechanism to impose tax on the cryptocurrency trading.
South Korea ” The law abiding trader ”
The south Korean crypto market is the largest amongst the world in terms of volume. This results in the higher prices on south Korean exchanges comparing to the rest of the world. Now any news related with the cryptocurrencies has a very big impact on the market.
In the second week of January 2018 one of the justice minister made an statement that the ban on bitcoin is possible. This made a big adverse impact in the market. people started panic selling the currencies resulting the slowdown of the rate. To oppose this people more than 2,10,000 signed the petition urging that
“We the citizens are happy that our dream is no longer a dream . Its the truth and this happens only due to the cryptocurrency. If you are thinking that ban on crypto trading will be in the favor of citizens then it’s not true rather you will be ruining our dreams .”
South Korean ban results the crashing of the market
These news made a huge impact in the market. This results in the downside of the cryptocurrency market all around the globe. Bitcoin plunges to 20% down and the rest of the currencies followed the trend.
major currencies like, ethereum, litecoin, ripple, monero, Bitcoin cash, dash and other currencies dipped in the single day . Most of the currencies rice falls by 30 % . This downfall is very significant for the market . The traders all around the globe are in panic and thinking about their own country’s regulation .
Its very important to note that all the countries all around the world are thinking to regulate the cryptocurrency market amid South Korea ban cryptocurrencies news .