South Korea has decided to ban cryptocurrency trading. What effect does it have on the market?

South Korean Government said last week that it is going to ban trading of cryptocurrencies. The Bitcoin transaction price increased and the market was befuddled and fell into turmoil. South Korean police and government officials invaded the local exchanges allegedly suspicion of tax evasion.

Policymakers all around the world are struggling to regulate the cryptocurrency market which has been skyrocketed in past few years. Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.

The market has reacted sharply to the news after that spokesman from president office has explained that the banning of cryptocurrency trading is not finalized yet. In order to pass this legislation through the Parliament they require one third votes in the favour of the bill. Once the Ban is enforced the trading will be difficult for everybody but not impossible. After the news came out the traders took some precautionary measures some of them cashed out the cryptocurrency they held in their wallets. This also will be difficult for the hackers who have stolen coins and they have no where to sell them or cash out after the Ban is enforced.

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