Thanks to a surge in optimism surrounding the cryptocurrency, the price of bitcoin shot as high as $ 5,855 early Friday, up 96 % since news that China was
banning local cryptocurrency exchanges broke mid-September.
Bitcoin slumped as South Korea's justice minister reiterated his proposal to
ban local cryptocurrency exchanges, fueling concern that a government crackdown will erode one of the world's biggest sources of demand for digital currencies.
Bitcoin slumped to its lowest level since Christmas day as South Korea's justice minister reiterated his proposal to
ban local cryptocurrency exchanges, fueling concern a state crackdown will erode demand for digital coins in one of the world's biggest markets.
Not exact matches
Even if Korean lawmakers push forward with an
exchange ban,
local investors are likely to find ways to keep buying
cryptocurrencies, said Mike Kayamori, head of Tokyo - based
exchange Quoine, which counts Koreans among its customers.
Seoul To Regulate After «Sufficient Consultation» After the South Korean justice minister caused «confusion and anger» last week by saying the government would
ban cryptocurrency exchanges,
local news media report, the latest statements from Seoul indicate a significant U-turn.
South Korea's government said on Thursday it plans to
ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided
local exchanges on alleged tax evasion.
While China strictly
banned initial coin offerings (ICOs) and
cryptocurrency exchanges platforms and Macau's monetary regulator barred
local firms from providing ICO - related financial services, Hong Kong has emerged as something as an ICO hub.
China's recent
ban on initial coin offering (ICO), a cross-between crowdfunding and initial public offering, has forced
local cryptocurrency exchanges into stricter self - scrutiny about their supervision mechanisms.
Emerging Markets After the Chinese government
banned local bitcoin
exchanges from operating in the country some industrious people have begun going abroad to buy the
cryptocurrency and reselling it in China for a premium...
Earlier this month, China issued a blanket
ban on fundraising methods involving token sales, or initial coin offerings (ICOs), and
local cryptocurrency exchanges have indicated they will cease domestic trading following the
ban.
But in September, its central bank
banned initial coin offerings (ICOs) and stopped
cryptocurrency exchanges from serving
local customers.
Despite sweeping concerns of a
ban on domestic
cryptocurrency exchanges, proposed by Korea's justice ministry, the Korean government quashed such fears today while confirming wider regulatory moves for the
local cryptocurrency ecosystem.
South Korean law enforcement agencies are raiding
local cryptocurrency exchanges to look into tax evasion, while the government is simultaneously considering
banning the trade of virtual currencies there, reports Reuters.
China is also said to be planning a
ban on access to foreign
cryptocurrency exchanges from within its borders, according to a Bloomberg report from earlier this week; the country has already
banned local exchanges.
Seoul To Regulate After «Sufficient Consultation» After the South Korean justice minister caused «confusion and anger» last week by saying the government would
ban cryptocurrency exchanges,
local news media report, the latest statements from Seoul indicate a significant U-turn.
After the South Korean justice minister caused «confusion and anger» last week by saying the government would
ban cryptocurrency exchanges,
local news media report, the latest statements from Seoul indicate a significant U-turn.
On March 21,
local cryptocurrency - focused media outlets reported that the NHN funded OKCoin — formerly the biggest
cryptocurrency exchange in China prior to the country's
cryptocurrency trading
ban in 2017 — was to launch OKCoin Korea.
Blockstream Chief Strategy Officer Samson Mow went so far to say that even if China does
ban bitcoin and its
local exchanges, it will not work on Bitcoin and the
cryptocurrency will continue to sustain its upward trend.
The comment by Kim Dong - yeon on Wednesday comes as traders at home and around the world have been spooked by conflicting comments from government officials in South Korea, a major hub for
cryptocurrency trade, that Seoul was planning to
ban local digital coin
exchanges.
Earlier this month, almost immediately after unverified reports about
cryptocurrency trading
ban in India were released,
local cryptocurrency exchanges Zebpay, Coinsecure, and Unocoin, which have over a million users on their platforms, reaffirmed that the government's stance towards the
local cryptocurrency exchange market has not changed, and it remains neutral.
China sent shockwaves — and more than a little panic — through the
cryptocurrency community in September when they instituted a complete
ban on ICOs (Initial Coin Offerings) as well as the trading of ICO tokens and
cryptocurrencies on
local exchanges.
The Cointelegraph noted that Justice minister Park Sang - ki, who said earlier this week that the government is working on a bill to
ban Bitcoin trading on domestic
exchanges, is at risk of losing his job, as more than 60,000 citizens signed a petition voicing their support of his removal; minister Park is said to have acted independently and without having consulted the
local task force in charge of regulating
cryptocurrencies, or even the Ministry of Strategy and Finance (also a part of the task force that's currently being set up).
After the
ban on initial coin offerings and the regulatory moves to shut down
local coin
exchanges, the market on
cryptocurrency in China hit a stark decline.