The South Korean government takes headlines today as they continue their movement to ban the use of cryptocurrency in their local. The country has been looking to apprehend the use of virtual coin exchange due to a massive amount of anomaly and crimes which includes numerous money laundering-related issues.
The on-going debacle keeps the prices under pressure; the Bitcoin and other similar digital currency are also divulging on the fact that one of the biggest countries that creates a big ripple in the crypto trading industry is going to shut its doors down.
These announcements are also hitting a massive mark on the prices due to the fact that it resembles the same announcement that China made last September 2017; the country and its local government has permanently banned the cryptocurrency exchange. Meanwhile, the South Korean decision is looking to be more affected by Western countries ea. the U.S.A.
Bitcoin has been under the radar ever since the start of the years; its prices managed to peak at the $20,000 mark but faltered after due to massive conundrums in the market. Currently, the price of the digital currency has been way below $20,000 and is hovering somewhere around the $14,000 and is idly going over and under that figure.
South Korea’s digital currency crackdown has been one of the pressing matter that keeps the prices apprehended, on a recent note from the South Korean government “The plan to ban cryptocurrency exchanges, recently mentioned by the nation’s justice minister, is one measure in talks to curb speculative investments, which the government will carry on with enough discussion before finalizing the decision,”
Even though the South Korean government continues to find some ways to stop the trades and exchanges locally, most analysts are still positive that they won’t impose the total ban on digital transactions. According to speculations, the country’s decision will be highly buoyed by other countries such as Japan, Europe, and the United States.
On the brighter side, the further discussion on Singapore’s central bank chief has been positive for the blockchain technologies. This can give the cryptocurrencies a massive upbeat surge if things continue to roll out positively.
According to the Monetary Authority of Singapore, Ravi Menon, “The plan to ban cryptocurrency exchanges, recently mentioned by the nation’s justice minister, is one measure in talks to curb speculative investments, which the government will carry on with enough discussion for before finalizing the decision,”
for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!