Science

Korean Official: Cryptocurrency Exchange Ban 'Not Finalized'

Korean Official: Cryptocurrency Exchange Ban 'Not Finalized'

"This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity".

The South Korean government's push for onerous regulation comes as demand in South Korea is said to draw in college students to housewives raising worries about gambling addiction and to curb the speculative activity. Reuters states in the earlier article: "Legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years". "It has started to resemble gambling and speculation", Mr Park added, citing the fact that bitcoin prices are higher in South Korea than globally - the so-called "kimchi premium". Reuters reported soon after that the Justice Ministry had said that a bill was forthcoming.

The website now excludes data from Korea's top three exchanges - Bithumb, Coinone and Korbit - from its calculations of virtual money rates. As of 4 p.m.in Korea, Bitcoin was trading at 23.148 million won (US$21.692) at Bithumb, down 7.14 percent from a day earlier, which is still nearly 40 percent higher than the United States price.

Bithumb was raided by tax authorities, who inspected the company's documents, on Wednesday. Several comments on the popular social media platforms like Twitter and Reddit shows that many cryptocurrency enthusiasts are quite disappointed by the lack of any formal announcement before making this data change.

Bitcoin price update South Korea talk down ban after cryptocurrency WIPEOUT
GETTYThis talk of a possible ban of cryptocurrency trading lead to a drop of 12 percent in bitcoin

Additionally, South Korea's Financial Services Commission has been conducting onsite inspections of six local banks that offer cryptocurrency-related account services. The government later responded by saying that the bill isn't finalized and that it may not ban cryptocurrencies.

Yesterday, the home page of CoinMarketCap suggested a huge decline in it the cryptocurrency market where the overall valuations plunged by almost 10% while the price of Ripple, which has been the most talked-after cryptocurrency in last two weeks, declined by almost 30%. The move resulted in an overall decline across all cryptocurrencies.

A Chinese ban on virtual coin transactions in yuan ended up driving many investors underground, exposing them to greater risks, he said.


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