News Worms
News Worms


Bitcoin price tumbles after South Korea joins cryptocurrency crackdown

Bitcoin price tumbles after South Korea joins cryptocurrency crackdown

This highlights a huge local obsession relating to cryptocurrencies within the South Korean population. Cryptocurrency exchanges will also be banned from issuing virtual accounts to new clients. But they see a price adjustment unavoidable for some time.

This makes regulators in South Korea nervous. The South Korean government hopes to cool things down by making it clear to investors that they will, if necessary, crack down hard on cryptocurrencies.

The Korean government announced on Thursday that it will tighten regulation on Bitcoin and other cryptocurrency trading to tamper the excessive volatility in the market triggered by chaotic investing, Reuters reported. According to the Wall Street Journal, the government's new measures will ban anonymous accounts being used on exchanges and will require banks to keep records of the identities of customers when it handles settlement services for cryptocurrency trades.

Minister Hong Nam-kisaid the government "can't let this abnormal situation of speculation go on any longer", speaking after a meeting of vice ministers from related ministries. While bitcoin's debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited.

Earlier this month, South Korea also proposed levying capital-gain taxes for trades made on exchanges, a policy that would be easier to implement without anonymous trades on exchanges.

"It's really tricky for the government", said S.G. Lee, chairman of the Korean Fintech Industry Association. Since then, it slumped to $US11,589 ($14,864) and has bounced around between those extremes for days. The reality is that the market is way too overheated and no one wants the cryptocurrency popping on their door steps.

Major Asia-Pacific markets play a fateful role in influencing Bitcoin prices, and governments have been watching closely to understand this new type of financial instrument, and keep it from crushing financial stability.

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