The Benjamin Rush to get in on the cryptocurrency boom has spread around the globe , but nowhere more than inSouth Korea . That fact has n’t slipped by the South Korean administration ’s aid . On Tuesday new regulatory beat , including a real name policy , were announced , and the government warned that it could move forward with a closure of cryptocurrency exchanges altogether .
According to the market trackerCoinhills , the Korean Won is the third - most trade in currency for bitcoin , and it regularly gives the US Dollar contention in link up altcoins like Ethereum . In early December , theNew York Timesspoke with a 77 - twelvemonth - old South Korean man who said he hop to make up for the money he lost in the stock mart years ago , by speculation on various cryptocurrencies . “ I may have miss the Bitcoin boat but new boats are coming and I want to hop on those , ” he order the Times . “ It is possible that some might be scams but even with those , the prices will rise at least in the middle of their life cycles so that there will be a opportunity to make money from trade them . ”
This makes governor in South Korea nervous . But they have a embarrassing berth on their hands because clamping down too hard at once could harm the overall market and cause citizens to drop off their money — the very thing the government is trying to keep off . In September , South Koreajoinedother nations like China with a Bachelor of Arts in Nursing on initial coin offerings ( ICO ) , a method of fund raise through cryptocurrency , but that move does n’t seem to have put much of a dent in South Korean ’s appetency for bitcoin . consort to theWall Street Journal , the government ’s new cadence will ban anon. account being used on exchanges and will take banks to keep record of the identities of customer when it handles settlement table service for cryptocurrency trade . The reportadds :
In its statement , the government say it “ ca n’t leave the unnatural billet of speculation any longer ” and aver “ cryptocurrency surmise has been irrationally overheated ” in Korea . It aver officials from the Justice Ministry could propose legislation that would shut down cryptocurrency exchange nationwide , but did n’t elaborate on when this might happen .
Earlierthis month , South Korea also proposed levying capital - gain taxes for business deal made on exchange , a policy that would be easy to implement without anonymous trades on exchanges . S.G. Lee , chairman of the Korea Fintech Industry Association , enjoin theNew York Timeson Thursday that he sees these movement as an effort to cool down the markets rather than an earnest desire to order cryptocurrencies . He said officials care that rule just give cryptocurrencies more legitimacy .
It ’s been a petty over a calendar week since bitcoin ’s Leontyne Price strike a disk highschool of $ 19,811 . Since then , it slide down to $ 11,589 and has bounced around between those extremes for days . Overnight trades droppedbelow$14,000 on the heels of the news from South Korea , and cryptocurrency - related breed also sawdeclines . The Long Island Iced Tea Corp — an iced afternoon tea party that changed its name to Long Blockchain and saw its stock price rise over 200 percent — saw its price dip by aboutsix percentafter the tidings from South Korea that had nothing to do with iced tea .
[ Wall Street Journal , The New York Times , Bloomberg ]
BitcoinCryptocurrency
Daily Newsletter
Get the best technical school , science , and culture intelligence in your inbox daily .
intelligence from the future , redeem to your present .
You May Also Like
