South Korea moves to curb speculation in cryptocurrency trading

30 December, 2017, 00:51 | Author: Regina Lloyd
  • South Korea moves to curb speculation in cryptocurrency trading

The reality is that the market is way too overheated and no one wants the cryptocurrency popping on their door steps.

Bitcoin prices continued to plunge in Korea on December 29 following more than 10 percent dip yesterday after the government announced it would adopt real-name transactions for cryptocurrency trading from January.

Following this news, the Bitcoin price has plunged by more than 11% in the past 24 hours and is now trading at $14375.70, according to CoinMarketCap.

As a part of this crackdown, South Korean regulators will close down anonymous accounts next month.




According to a report on Reuters, South Korean authorities are likely to introduce curbs on the trading of cryptocurrencies like bitcoin within the country - specifically anonymous trading.

In statements, the government noted that the prices of digital currencies on domestic exchanges was much higher as compared to global markets. "The government can't let this abnormal situation of speculation go on any longer", the South Korean government said in a statement, as reported by The New York Times. Before this correction, Bitcoin had managed to recover from a major correction last Friday when the cryptocurrency corrected to more than 40% going below $12000.

Bloomberg News reported that South Korea will require cryptocurrency transactions to name participants and ban banks from offering virtual accounts. "We can not leave the abnormal situation of speculation any longer". Many of them believe that there is a huge bubble in the market and this can burst at any point in time.

Cryptocurrencies were trading at a premium on exchanges in the country. The Long Island Iced Tea Corp - an iced tea company that changed its name to Long Blockchain and saw its stock price rise over 200 per cent - saw its price dip by about six per cent after the news from South Korea that had nothing to do with iced tea.

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