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Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading
(Jan 11): South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.
That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.
According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.
"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.
Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.
Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.
Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.
The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.
Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.
That difference in price is called a "kimchi premium" by many traders.
In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.
Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.
The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.
The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.
Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent and KPM Tech was down 5.48 percent.
That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters. - cnbc
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Discussions
Be the first to like this. Showing 19 of 19 comments
if everyone use bitcoin in Korea and stop using their official currency, this will be the crisis of Korea.
all their currency will leak to leak out, remain bitcoin in their country, once bitcoin burst, finance crisis hit Korea.
2018-01-11 18:37
One of Sabah’s top tourism businessmen, Alexander Yee has agreed to sell 3 acres of land on Libaran Island for 0.5 Bitcoin (RM38,832.5), even though many economists consider the cryptocurrency as a bubble waiting to burst.
On Monday (8 January), the buyer Polycarp Chin transferred the 10 percent deposit of 0.05 Bitcoin (RM3,883.25) from his mobile wallet to Yee’s. The remaining 0.45 Bitcoin will be given once the purchaser becomes the land’s official owner.
The transaction was witnessed by a third party, and the agreement will be sent to a lawyer for certification before making an application for the ownership transfer at the Sandakan Land Office.
2018-01-11 22:04
If you don't own Bitcoin!
You will be poor as dirt!
Everyone love Bitcoin
Only banker hate it!
2018-01-11 22:05
plsgivebonus, wish you good luck, because you really need luck when you are in gamble.
2018-01-11 22:51
I don’t understand all of you!
I have been promoting Bitcoin since months ago when it is dirt cheap. And no one want to believe me.
:)
Whatever you can believe want long but fat and continue to be poor like dirt. I don’t trust want long butt fat value investing can make anyone rich.
2018-01-12 02:01
First of all, investing is a gambling in disguise, if you are investor you will get it.
If you are fund manager, you play with other people money, I don’t think you will get it.
If you are like some value investing teacher who invest nothing in stock market, and demand tuition fee, you are not even qualify to be investor. If you are analyst, you are nothing close to investor.
:)
2018-01-12 02:06
I respect Robert K and his quote “politic is damaging business all the time”
The reason business is falling, the government, the policy making, the people running the regulation.
That is why American elected Trump, a businessman, it is risky bet, we don’t know if it will work.
China, Chinese are smart, they fight the government all the time, they want to do business and without regulation, because they know regulation is damaging. They trying to change the economy all the time. We need to change, we don’t need to go to war to change, it is healthy change, however, this change will make a lot of uncertainty, definitely the one who don’t want to change will be severely left behind.
2018-01-12 04:24
Petrol yuan may be ready to dethrone petrol dollar. A lot is happening lately.
I don’t think I can digest all of them at the same time.
But I can predict the next financial crisis may be near. It will start with banking, and computer virus attack, banking thieve, distrust of monetary system, high level of unsecured loan. I don’t know why some people are pretending nothing will happens, it may be just another subprime crisis, our life goes on, we had survive ‘08 crisis after all.
2018-01-12 18:35
Everyone would endorse bitcoin and crypto currency
This is world changing technology
People like value investor
Want long buff fat will not understand
Cold eyes are just too old to learn more about it
2018-01-13 12:30
Why i3 like to attack bitcoin 9 out of 10 news is about the evil side of bitcoin
I3 is controlled by the mainstream media?
2018-01-13 12:32
Bitcoin investor are not stupid
James Dimon, JP Morgan CEO has changed his opinion about bitcoin. He start to accept the idea of bitcoin.
2018-01-13 12:34
People do not understand bitcoin so they depend on mainstream news to learn about it. I don’t think they are smart enough to look for their source of information. 99% of information is misleading and controlled by the richest who don’t like bitcoin.
2018-01-13 12:36
I would say that most of my friend who invested in cryptocurrency is those who invested in nanning china before
2018-01-13 12:55
More or less the same as the datuk seri who hits rela, cant even speak one sentence of proper english or malay
2018-01-13 12:56
Mostly uneducated and always motivate themself by 哪里跌倒哪里爬起来。 but seems like using it at the wrong place
2018-01-13 12:58
You will ask if it is too late to invest in bitcoin?
It is not late at all. The collapse of banking will be the beginning of crypto currency.
The current stage of bitcoin is experimental, it has never go mainstream, the real market cap of bitcoin is unknown due to most of the coin are lost and unrecoverable, or the owner throw it away. It could be 20% less the market cap
2018-01-13 13:00
This is the technology that worth to SIALANG compare to all the stock pick selected by the so called value investor/ analyst/ banker who invest nothing of their saving.
2018-01-13 13:04
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Local market also not bad.
30% premium higher than international market
We can call it tongkat premium.
2018-01-11 18:23