South Korea Aims Choky Bitcoin Rules, Planning an Outright Ban
Bitcoin prices tumbled due to the selling pressure as South Korea Aims Choky Bitcoin Rules and planning to shut down Cryptocurrency exchanges.
CoinCrump – The Bitcoin Price dropped nearly 10% and traded below $13,500 on BitFinex Exchange at some point due to a recent step that was taken by the South Korean government. The government is hinting an outright ban. Also, planning to shut-down all the existing cryptocurrency exchanges in South Korea. But, Could this impact the entire Bitcoin market?
South Korea Aims Choky Bitcoin Rules
The South Korean government moved forward with proposed legislation and trying to limit how conventional banks interact with the crypto-world. Also, the government will prohibit companies from providing cryptocurrency settlement services for transactions and may restrict users to buy cryptocurrencies using the credit card or debit card.
Also, the government already set another set of rules which restricted financial firms to invest vast amounts in cryptocurrency market. To tighten the fraud and anti-money laundering, the proposed “Know your customer” law now has prohibited the companies from selling Bitcoin anonymously.
Additionally, the rules may even be going to get tightened. Tough possibly feasible or not but the government seeking the idea on a nationwide ban on cryptocurrency exchanges and trading. As of now, China is the only country to impose the complete ban on Bitcoin exchange.
In its statement, the government said:
“It can’t leave the abnormal situation of speculation any longer and cryptocurrency speculation has been irrationally overheated in Korea.”
In conclusion, the Bitcoin prices might struggle in future if the South Korean government implements the ban on Bitcoin and cryptocurrency trading as the Korean Won is the third-most-traded currency for bitcoin.
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