South Korea regulator flags better deal for cryptocurrency industry

21 February, 2018, 10:01 | Author: Teresa Adams
  • Bitcoin

Cryptocurrency traders in South Korea can now rejoice because it pretty much sounds like the country doesn't really want to ban trading in digital assets entirely. Remarkably, it was trading at just $5,947 at the beginning of February, which shows an increase of a huge 95.19 percent in just a few weeks.

Jung oversaw moves to introduce new laws that were meant to eradicate cryptocurrency speculation and other illicit activity.

Three local banks including Shinhan Bank, Industrial Bank of Korea, NH Bank, are now offering cryptocurrency accounts to around five local virtual coin exchanges.

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Many experts believe that Bitcoin will bounce back, but whether it will surpass - or even come close - to December's near $20000 valuation remains to be seen.

A South Korean official who oversaw his country's regulatory clampdown on cryptocurrencies was found dead on Sunday, officials have said.

Choe recently held a meeting with representatives from cryptocurrency exchanges during which he said the government "will support (cryptocurrency trading) if normal transactions are made". Officials in Seoul stopped the use of anonymous virtual accounts previous year as part of their ongoing efforts to constrain speculation in virtual currencies.

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With South Korean exchanges generally responsive to their proposals, the government there now seems to be happy with how things stand, Heung-sik going so far as stating: "the government will encourage banks to make transactions with cryptocurrency exchanges". Officials later clarified an outright ban is only one of the steps being considered, and a final decision was yet to be made.

"Bitcoin's price history suggests that months of consolidation are followed by weeks of rapid advancement", said Canaccord Genuity in its latest research note. Ethereum and ripple - the number 2 and 3 cryptocurrencies respectively - also rose, trading 1-2 percent higher.

The system was also the government's latest measures to curb speculative investment in virtual coins.

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The incident comes after hackers stole $530 million in digital money from Coincheck last month, sparking checks by regulators of Japan's other exchange operators, including Tech Bureau.


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