A new drop-in crypto-currencies due to news from South Korea
New declines report the main crypto early on Thursday after South Korea is preparing a law ban their trade in the country.
South Korea's Justice Minister announced this morning that a law is being drafted to ban the trade in crypto-currencies in the country. The news also comes amid inspections at the country's largest stock exchange, police and tax officials on suspicion of tax evasion.
"The local position has been checking our company since last year because it thinks our business is gambling," Quinone official spokeswoman said.
Tax and police checks are also made at another Bithumb crypto-currencies exchange.
"crypto-currencies trading is speculative and high-risk, which can cause serious financial losses to the people of the country," said Minister of Justice Park Seng Ki.
The inability of part of the South Korean investors to take part in the market, as well as the exclusion of quotations from the country, led to a 9% drop in the Bitcoin, to $ 13,458.
Even a bigger decrease was recorded in the ether, which yesterday passed the 1400 dollar limit, and today it falls below $ 1,200.
Bitmap growth of 1500% in the past year has prompted increased demand for all crypto-currencies in the country. It is precisely because of the high demand and the small number of sellers that the prices of the Bitcoin, for example, differ from those in the other exchanges, and drastically.
This morning, the cost of a Bitcoin in South Korea fell by more than 21% to $ 17,064. It is between 30 and 40% higher than that of exchanges in other countries.
That's why coinmarketcap days ago switched off South Korea's quotations, which caused a drop at the beginning of the week.
It is estimated that about 20% of the world's crypto-currencies transactions occur in South Korea. In the event of the adoption of a law against the crypto-currencies, this would benefit a state, such as Japan or other exchanges, such as binance, for example, where they announced that only 240,000 registered new users per hour.
However, a possible ban on trade in the country may lead to an even greater demand for digital currencies, which would increase their price further, the Financial Times reported.
image source - Instagram
Well, it turns out that they never said ban, it's the news and FUD going around telling it's banned. They are working on it, not banning it straight forward. Time will tell how it turns out though.
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