Cryptos plunge as S.Korea plans trading ban

Cryptocurrencies Fall As South Korea Moves To Ban Crypto Trading

The South Korean government disclosed a similar proposal on December 28 a year ago, although at the time it also included other options such as allowing trading to continue under tighter regulation.

There was a seismic reaction from the cryptocurrency market to news that the South Korean government is preparing a bill to ban local cryptocurrency exchanges sending major coins: Bitcoin, Ethereum, Ripple and Litecoin tumbling earlier on Thursday before paring those losses. Reuters reported that the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's Finance Ministry and financial regulators.

Until now, authorities have largely stopped short of direct intervention, but increasing fears about scams, money laundering and hacks linked to cryptocurrencies, could attract further attention and mean more crackdowns in future.

Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday.

His remarks sent bitcoin prices plunging 18 percent on South Korean exchange Bithumb, while ethereum slumped 23 percent. Korea emerged as something of a ground zero for the speculative mania, playing host to several of the world's most active exchanges.

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.

South Korea's Presidential Office said today that a plan to ban trading cryptocurrencies via exchanges in the nation is still not set in stone.

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He helped Newton and the Carolina offense reach the Super Bowl in 2015 before the Panthers lost to the Denver Broncos. He started to have second thoughts and chose to meet with interim general manager Marty Hurney about the decision.

Whether or not South Korea goes through with the ban remains to be seen.

Ruling Democratic Party of Korea Rep. Park Young-sun said the ministry was "trying to burn down the barn to get rid of rats".

Under the measure, only real-name bank accounts and matching accounts at cryptocurrency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned.

Bitcoin as well as other cryptocurrency is now experiencing a huge slumped as South Korea's ministry of justice reemphasized its proposed ban on crypto trading.

This year, business leaders are voicing their opinion on the crypto phenomenon, leading to price fluctuations.

At around 4.50 a.m. London time, a few minutes after news, over $106 billion of value was wiped off of the entire cryptocurrency market when compared to the market capitalization at the beginning of the day on Thursday.

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