South Korean government is in the forefront to signal rough stances on bitcoin. Authorities in South Korea are not friendly to the digital currency. All the government is saying is that it will impose a ban. However, it is still hard for many people to see sense in this. First, while it is easy to impose a ban , investors and experts do not know how. But by the government merely saying that it is planning, the sell-off is vast. Prices shrink after the announcement.
Why Does South Korea’s “Bitcoin Ban” Affects Other Digital Currency Prices?
The bitcoin, for instance, is trading at $9, 199, the lowest since November. Since then, a few coins are recovering. Several of them still are trading low. Even those that are recovering are still selling at low prices. As of December last year, the price of the bitcoin is $20, 000. This is the highest so far. But after three weeks, the price goes down to somewhere $15, 000. Some exchange houses sell the coin at around $12, 000.
Asia Makes An Announcement
The latter figure is where the coin rest for a few days. Something strange happens. South Korea makes an announcement. Above all. Also, this is the declaration that creates tension. Prices of all digital coin go down some as lows as 65 percent. S.K. is the third largest digital coins market in the world. Those that are ahead of it are Japan and the U.S.
The blockchain Industry Association Weights In
There are many substantive reasons why South Korea wants to impose a ban. Several things involve the way bitcoin works. Some people can get the best of the bitcoin. You do not necessarily be in a place to get the money. With the technology and the use of underlying blockchain, things are easy. A buyer may be in Serbia. He intends to do business with a person in Hong Kong. But the person may be using South Korean.
The blockchain Industry Association says that S. Korea has over 12 exchanges. These exchanges serve millions of people each month. The association means that there is so much demand for virtual currency. In fact, the organization says the need is at 30 percent premium. Also, this is when you compare South Korea and other countries.
Big Blow To The Cryptocurrency Market
So, what the government is asking is legit. The demand for the virtual currency business in Korea is bigger than any sector. The country has 51 million people. For now, the ban on the trade of virtual currency in S. Korea is theoretical. However, there are chances that the government is thinking of the best approach. If it finally finds a way, it will be a blow to the cryptocurrency market.
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Will South Korea Accept Bitcoin Digital Currency Again?
In recent days, authorities in this Asian country are bitter. Many homemakers and schoolchildren are buying digital coins. Also, this is what authorities call ‘irrational’ decisions by fake investors. Remember that South Korea has fast-track infrastructure. The IT systems are functional throughout the country. Accessing fast internet in the county is like buying candy on the streets. Above all, this makes digital currency business easy and quick. Getting a bitcoin in South Korea should be comfortable too.
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