Bitcoin Plummets as South Korea Announces Plans to Ban Cryptocurrencies
Cryptocurrencies have been on an upswing over the by year and anything related to blockchain technology is being lapped up past investors gleefully. Nonetheless, it'due south unclear every bit to how long the good times will final, because governments, cardinal banks and regulatory agencies from effectually the world are becoming increasingly concerned. Legendary Wall Street investor, Warren Buffet, recently said it will "certainly end badly" for Bitcoin. While some governments are actually looking to introduce their own cryptocurrencies, others are apparently looking to ban digital currencies – India's Finance Government minister said they are not legal. Count South korea in the latter camp.
Reports out of Seoul today say Republic of korea is planning to ban cryptocurrency trading in the country. Reuters is quoting the country's Justice minister Park Sang-ki, equally having said that, "In that location are great concerns regarding virtual currencies and justice ministry building is basically preparing a neb to ban cryptocurrency trading through exchanges".
The news spooked enough investors to spark a massive selloff in the cryptocurrency market, sending Bitcoin prices crashing by over 10 pct on the Luxembourg-based cryptocurrency exchange Bitstamp. According to CoinMarketCap, it was in danger of dipping below the $13,000 mark, which would have been a psychological button for farther selling.
However, the procedure to pass the proposed bill into law may be ho-hum, equally it requires a majority vote of the total 297 members of the National Associates, which can apparently take an awfully long time. According to Reuters, information technology tin take "months or even years". for the proposed bill to become law, if at all. So information technology may be a while earlier South Koreans are stopped from legally trading cryptocurrencies.
It will be interesting to see what happens going forward, but with even Wall Street starting to encompass Bitcoins, information technology seems increasingly likely that blockchains and related technology are not well-nigh to dice out any fourth dimension soon. It'south too possible that they will be co-opted past governments to requite cryptocurrency legitimacy but without the anonymity that has fabricated it a darling of the world.
Source: https://beebom.com/south-korea-plans-ban-cryptocurrencies-bitcoin-plummets/
Posted by: bernardmorold69.blogspot.com
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