Cryptocurrencies dip after caution from Buffett and South Korea

12 January, 2018, 03:34 | Author: Juana Mckenzie
  • Cryptocurrencies Fall As South Korea Moves To Ban Crypto Trading

In addition to the announcement of the bans, South Korean cryptocurrency exchanges reportedly got a nasty surprise recently when police and tax officials reportedly raided their offices. This leads to market crash in recent times.

There was a seismic reaction from the cryptocurrency market to news that the South Korean government is preparing a bill to ban local cryptocurrency exchanges sending major coins: Bitcoin, Ethereum, Ripple and Litecoin tumbling earlier on Thursday before paring those losses.

Even if a country-wide cryptocurrency ban were finalized, it might take "months or even years" for it to actually be passed into legislation, Reuters claims.

At the time, the country said it will ban trading cryptocurrencies anonymously, and give financial regulators the power to close cryptocurrency exchanges if they break the rules.

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A survey conducted by the Income Tax Department has revealed that there are six lakh active traders of cryptocurrencies such as Bitcoin in nine digital currency exchanges across India, while 25 lakh people are registered to trade, The Indian Express reported on Thursday.

The country's government is looking to clamp down on cryptocurrencies following a boom in initial coin offerings (ICOs) and trading of cryptocurrencies in the country. As of last month, South Korea was the world's third largest Bitcoin market and the largest market for Ether, owning 33% of all Ether worldwide.

The more optimistic case stems from the motivation of the authorities in Seoul to crack down on cryptocurrency exchanges and the exchange activity in general.

The speculative trading on Korean exchanges has caused CoinMarketCap, a data compiler for cryptocurrencies, to exclude their prices. The news follows the news that the country's ban on cryptocurrency exchanges from opening new customer accounts in December 2017, and the incoming ban on anonymous accounts.

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Major cryptocurrencies like bitcoin are often traded at a premium on South Korean exchanges, meaning that they are at a higher price versus other exchanges in the USA or Europe for example.

Governments around the world are increasing scrutinizing crypto trading as surging prices attract everyone from individual investors to Wall Street banks.

Reports are emerging of nation-wide police inspections on crypto exchanges in the Southeast Asian nation. That pushed bitcoin's market capitalization down to $230 billion.

To sum the situation up, hours after Park Sang-ki's comments, a representative of President Moon Jae-in told Korean media [link in Korean] that the Justice Ministry's position does not reflect that of the entire government.

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