News Cryptocurrency prices tumble as South Korea warns ban could...

Cryptocurrency prices tumble as South Korea warns ban could still happen


- Advertisment -

Back in December, the price of Bitcoin plummeted when South Korea introduced tighter regulations and said it was considering shutting down exchanges. Now, cryptocurrencies are falling once again after finance minister Kim Dong-yeon suggested a trading ban could still happen, pending a government review.

Kim said: “There are no disagreements over regulating speculation,” which includes a ban on anonymous cryptocurrency accounts and taxing the income made on virtual currency. He added that shutting down the exchanges was “a live option but government ministries need to very seriously review it.”

The news has seen Bitcoin drop to its lowest point since the start of December last year. At the time of writing, the price is at $11,913; around the same time yesterday, it was $13,773. Almost exactly one month ago, Bitcoin hit an all-time high of $19,783. Since then, about $125 billion has been wiped from its market cap.

Other cryptocurrencies, such as Ethereum and Ripple, have also seen steep declines of more than 15 percent this morning. In the last 24 hours, Ripple has dropped from $1.84 to $1.35.

South Korea is trying to rein in the cryptocurrency craze sweeping the country. Prime Minister Lee Nak-yeon said it could “lead to some serious distorted or pathological phenomenon.”

But the people of South Korea are pushing back against the cryptocurrency regulations. A petition demanding their removal was filed with the Presidential Office on December 28 and has now reached over 200,000 signatures. The government is required to give an official response once a petition gains 200,000 names in a month.

While the petition agrees with taxing profits on cryptocurrencies, it is against extreme measures such as closing down exchanges.

Source link


Please enter your comment!
Please enter your name here

Latest news

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be...

Using Blockchain to Fight Climate Change, MOSS is changing the Narrative

The effects of global climate change are not undeniable. From glaciers shrinking to flooding, temperature rise, and...

DeFi Tokens Still Bullish with Triple-Digit Prospects Amidst the Bitcoin Rally

The Decentralized Finance (DeFi) market seems to have reclaimed its bullish status in the ongoing crypto market...

Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

It is a recent but not new happening that a hot wallet from a crypto agency has...
- Advertisement -

Facebook’s long-awaited Libra is Coming in January 2021

In a more limited form, the Libra Association's projects are being implemented. It will only launch a...

Polkadex Enhances the Cryptocurrency Trading Experience

The global economy has not entered the modern era as of yet. Luckily, there are tools to...

Must read

- Advertisement -

Read Next
Recommended to you