South Korea to Ban Cryptocurrency Trading
South Korea is considering a law banning cryptocurrencies, such as the exchange of Bitcoin in local commerce.
Justice Minister Park Sang-ki said virtual currencies were “big concerns” and the ministry drafted a bill to ban trade.
Later, however, the South Korean presidential office stated that a ban was still pending and a measure was being considered.
The local price of Bitcoin has fallen according to the comments of the Minister of Justice by a fifth.
In South Korea, it is given as a premium of about 30% compared to other countries.
There is no set price for bitcoin as it is unregulated and sold in dozens of bags around the world.
According to Coindesk.com, Thursday afternoon, the price of Bitcoin was about 8% lower, just under $ 13,800.
South Korea has become a breeding ground for cryptocurrency trading, accounting for about 20% of Bitcoin global transactions.
According to the Korea Blockchain Industry Association, he has more than a dozen cryptocurrency exchanges.
Several people were attacked in a tax evasion investigation this week, including Bithumb, the country’s second largest virtual currency converter.
The government had already stated in December that it would apply a further review of trade, including measures to curb the anonymous trade.
Due to the low level of trade and the relatively small number of people with virtual currencies, sharp price rises have become the norm, suggesting that paying too much attention to price increases and losses is unnecessary.
Digital currencies like Bitcoin have increased in value over the past year, resulting in strong demand. This has raised concerns about gambling addiction, as inexperienced investors are trying to get involved in the wave.