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Korean Government Threatens to Shut Down All Bitcoin Exchanges

30 December, 2017, 00:51 | Author: Samuel Sharp
  • Bitcoin

Japan and Australia, while recognizing Bitcoin as a payment method, both introduced rules this year to bring all cryptocurrency trading under governmental supervision, according to the Financial Times.

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.

In statements, the government noted that the prices of digital currencies on domestic exchanges was much higher as compared to global markets.

On Dec. 28, the Korean government reaffirmed its hardline policy against virtual money trading.

Until now, cryptocurrency transactions could be made through anonymous accounts managed by Internet trading exchanges.

Further, the new laws will also empower regulators with the authority to shutter cryptocurrency exchanges, if needed, the government added.

The craze and frenzy surrounding cryptocurrencies is so high that Bitcoin was trading at over 30% premium in the country when compared to the global rates. So, it may be a bit unfair to think that if the currency is supported by retail clients it has no value and if it is supported by institutions than it has more value.

The South Korean government, in a statement, said: "Cryptocurrency speculation has been irrationally overheated in Korea". "We can not leave the abnormal situation of speculation any longer". Overnight trades dropped below $US14,000 ($17,956) on the heels of the news from South Korea, and cryptocurrency-related stocks also saw declines. But they see a price adjustment unavoidable for some time. 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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