South Korean officials plan to ban all domestic cryptocurrency exchanges

Bitcoin Cash

The digital asset off-late Asians, have been very active on Bitcoin trading exchanges.

The Seoul government has been sending strong messages against booming cryptocurrency trades, with authorities raiding offices of exchanges, inspecting commercial banks for accounts and warning of more measures to come against the speculative nature of the cryptocurrencies. The country is home to the third-largest trading volume in bitcoin.

He pointed to the high premium on digital currencies in the South Korean market, saying that observers overseas have concluded such trading activities are abnormal.

Meanwhile, Ripple's XRP token was trading at $1.71 on the Poloinex exchange after falling as low as $1.53 earlier.

Bitcoin Cash is down 14% to 2,457.

This is a negative development, at least in the short term, and it is easy to make the negative case. A disruption of trading in South Korea can have a big effect on the markets, as demonstrated last night.

Investors and exchanges in South Korea were bracing themselves for what may amount to a government-issued ban on cryptocurrency trading; but conflicting reports from different parts of the government are now surfacing, leaving the global community rocking on its heels. Crimes involving cyber money, such as multi-level marketing fraud using virtual currencies, have also been on the rise. Industry data provider CoinMarketCap has even begun excluding some South Korean exchanges in its calculations "due to extreme divergence in prices from the rest of the world".

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So, we may have a significant part of the market see its exchanges being shut down and the money can not easily go elsewhere.

South Korea isn't the only country concerned about Bitcoin and cyrptocurrencies. China is already looking to curb bitcoin mining and others may follow.

"Media have covered positive aspects, such as the blockchain technology and so forth, but it'd be misleading if we say the technology can only grow through cryptocurrency", he said.

The I-T Department's Bengaluru unit carried out the survey to gather information about the investors and traders, their bank accounts, and the transactions that take place in these exchanges. Authorities are anxious about households using leverage to invest digital coins, certainly a big risk.

Things couldn't get much worse for the Ripple team, with Ripple down another whopping 15.45% to $1.64863 at the time of writing.

As we know, with cryptocurrency (and with any kind of currency), the world must believe that it has value in order for it to be valuable.

The country's Bithumb exchange is the second-largest trading venue for cryptocurrencies after Hong Kong-based Binance, as of this writing.

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