Bitcoin: South Korea intends to regulate cryptocurrencies (or not)
Update (14:18): The American site TechCrunch reports that a spokesperson for the South Korean Presidency is said to have said that the Justice Minister’s statements regarding the cryptocurrency trading ban were solely his own and did not represent the government’s position. TechCrunch however confirms the information of Reuters concerning searches by the authorities of major South Korean trading platforms.
The South Korean government announced Thursday that it is considering banning the exchange of cryptocurrencies, according to information relayed by Reuters. As is now required, the announcement had an immediate impact on the markets, causing prices to worsen in an environment known for its volatility. Bitcoin yielded more than 10% on Thursday morning, trading at $ 13,105 (5:00 UTC) according to CoinmarketCap, which withdrew information from South Korean exchanges from its price calculation. In South Korea, the drop reached more than 20%, with the currency trading at a premium of 30% over other markets, however, given the success of cryptocurrencies in the country.
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. We are working on better tools to provide users with the averages that are most relevant to them.
– CoinMarketCap (@CoinMarketCap) January 8, 2018
This is Justice Minister Park Sang-kiApple-converted-space “> is a major player in cryptocurrency trading, since the country alone represents 20% of global bitcoin exchanges: it is about 10 times more than South Korea’s weight in the global economic scene. Many small savers, from students to housewives, have given in to the bitcoin madness: there are a million cryptocurrency owners, for 50 million inhabitants. This mass craze is even qualified by some as an addiction equivalent to that encountered in the field of gambling, which would have pushed the authorities to act, in addition to concerns about the risks of money laundering or financial fraud.
As early as last year, Seoul had already set several regulatory milestones in an attempt to stem speculation: halt on ICOs in September, then