South Korea plans to ban cryptocurrency trading, rattles market
If south Korea bans cryptocurrency trading officially. The price of almost every coin would drop a minimum of 30% and some could drop as high as 90% if they rely on the Korean market.
South Korea’s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges on alleged tax evasion.
The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year.
Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.
Making people aware of major events like this in my opinion is what this community is all about. This could make or break a few crypto portfolios and just spreading the word could help a few people out.
I am curious to what others think regarding this possible crack down and if it is successfully how many other governments are going to jump on.
- Hydrom