South Korea Largest Cryptocurrency Market Proposes a Bill to Shut it Down

by Admin on January 16, 2018

The virtual currencies unstable nature has caused great concern among the government. South Korea cryptocurrency, trades at the highest exchange rate in the world; it is regarded similar to gambling. Whilst discussing the ban on national television, the stock for Ethereum had plummeted 7.6%.

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The South Korean Won plays such a big role in cryptocurrencies that it makes up 10% of Ethereum and 5% of Bitcoin. However, after the Ministry’s Press office spokesperson Park Sang-Ki commented on the banning situation, the Bitcoin exchange had fell 12%. He commented that the proposed bill would require several government agencies including the Finance Ministry and financial regulators to implement several measures.

It would be a long and drawn out process, as once the bill is drafted, the legislation must receive a majority vote from 297 members of the National Assembly. This could take months or even years. The government has stated for now, it will closely monitor banks and potentially put a limit on fund flows into cryptocurrency. The Bitcoin stock exchanges have taken a major hit after the announcement.

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Image: BTC Keychain

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