Move to ban cryptocurrencies sparks uproar in South Korea

REUTERS/Benoit TessierSouth Korea’s digital currency exchange, Bithumb, is still under investigation after attack. Latest developments suggest more regulatory pressures.

“[It] seems like it’s uncertainty spooking the markets … with regulations unclear”, said Charles Hayter, founder of data analysis website Cryptocompare.

Even though other branches of government later said the ban is not finalized, the country’s stance towards the cryptocurrency market does seem to be getting tougher.

The petition did support South Korea’s recent actions on cryptocurrencies, such as banning anonymous trading accounts. Kim said there’s irrational speculation and that rational regulation was needed.

“Also, an asset that goes nearly vertically up should typically raise alarm bells for investors”. In 2017, XRP soared 35,000 percent, surpassing bitcoin’s surge of around 1,500 percent.

South Korea announced yesterday it will come down hard on any illegal cryptocurrency trading and that it is still considering a full shutdown of cryptocurrency trading in the country.

Bitcoin’s plunge on Tuesday brought the value of the cryptocurrency down by more than 40 percent over the past month.

If you have any investments in Bitcoin, Ethereum, Litecoin or any type of cryptocurrency then, unfortunately, good news does not continue onward.

In December, when Bitcoin was at its peak, the US Securities and Exchange Commission (SEC) addressed a “number of concerns” raised regarding cryptocurrency and initial coin offerings (ICOs).

National and local authorities should ban venues that provide centralized trading of digital currencies, including bitcoin as the biggest one, Vice Governor of the People’s Bank of China (PBOC) Pan Gongsheng said.

Sources familiar with the matter say that Chinese officials are targeting online platforms that offer investors to trade cryptocurrencies.

At the start of 2017 each bitcoin was worth $1,000 (£725) but its price soared over the course of the year, reaching almost $20,000 (£14,500) by the end of the year.

South Korea is planning to make a decision on a proposed ban on the well-known cryptocurrency exchanges after coordination of opinions as well as sufficient consultation, said by government on Monday.