Newsflash: Bitcoin Price Falls Near $12,600 Amid South Korea Trading Ban Fears

southforce (52)in #bitcoin • 7 years ago

Bitcoin price plummeted to a 2018-low on Thursday after South Korea’s justice minister reportedly proposed a complete shutdown of all cryptocurrency exchanges in the country.

In a press briefing today, South Korea’s justice minister Park Sang-ki stated in quotes reported by local publication Yonhap News:

“The ministry is preparing legislation that basically bans any transactions based on a virtual currency through the trading floor. We have grave concerns about [the craze over] virtual currency and [a shutdown] would be one of the goals we are aiming for.”

Article: https://www.ccn.com/newsflash-bitcoin-price-falls-near-12600-amid-south-korea-trading-ban-fears/

#btc #cryptocurrency #bitcoinprice #cryptoaccess

7 years ago in #bitcoin by southforce (52)

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bogdanis12 (25) 7 years ago

Nice article, good job !

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2 votes

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dirtyhippie (45) 7 years ago

Crazy news! Thanks for reporting the update.

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1 vote

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nishadhasan (50) 7 years ago

@southforce WOW. It's awesome. Thanks for sharing. Many many thanks.

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1 vote

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brixx (31) 7 years ago

Another source, CoinJournal translates the government statement differently:

the South Korean government has never released such a statement. The official document released by the South Korean government translated by CoinJournal read:

The government will continue to evaluate the cryptocurrency trading trend and impose practical regulations in a timely manner.

The Ministry of Justice has drafted a special cryptocurrency law and is considering the possibility of closing down exchanges involved in suspicious or illicit activities such as money laundering.

The government will strictly handle speculative movements in the local cryptocurrency market but will facilitate the growth of cryptocurrency and blockchain technologies.

The key difference being that only exchanges who are involved in illegal activities may be shut down. Which is true?