Approximately 4 percent of all Bitcoin is traded in Korean won compared to the approximately 30 percent that is traded in USA dollars and the 40 percent traded in Japanese yen.
While the US appears to have embraced cryptocurrency trading with the introduction of futures by the CME (Chicago Mercantile Exchange) and the CBOE (Chicago Board of Options Exchange), which are regulated by the CFTC and SEC, South Korea's Justice minister Park Sang-ki said the government was preparing a bill to completely halt trading of bitcoin or other digital currency on domestic exchanges.
Bitcoin prices tumbled on Thursday, following news that South Korea's government is considering a ban cryptocurrency trading.
If the plans succeed, WMP will become the first major online shopping platform in Korea to allow customers to pay for their purchases using cryptocurrencies, the newspaper noted.
The fourth-largest economy South Korea has detected cryptocurrency crimes worth a total of $594.35 million.
IPolice and tax authorities in Asia have stepped up raids on cryptocurrency exchanges recently following allegations of tax evasion. However, the government believes that this will stop money laundering and financial frauds.
China launched a crack-down on cryptocurrencies in September 2017 with its authorities banning bitcoin trading and initial coin offerings. As of writing, the price of the world's five most popular cryptocurrencies-Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin-was down due to the new regulations.
"There is no intention to ban or suppress cryptocurrency", he said. One benefit of the price reduction will be a more mature industry and an increase in due diligence. South Korea and Japan seem to be adopting crypto through the process of regulating it versus trying to ban it outright. Having wallets vetted by authorities, will create transparency, and will provide for a better business model.
Customs in the country has announced it has uncovered "illegal foreign exchanges" involving cryptocurrency worth nearly $600 million this week, with investigations ongoing. Nonetheless, the new regulations still have the possibility to impact the cryptocurrency market as a whole. Exchange rates, transfer fees, local liquidity issues and other problems are all on cryptocurrency's to-solve list, and numerous regulations needed to protect consumers today might not be necessary or applicable in a few years. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.