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October 22, 2019

South Korean government prepares new measures to regulate the trade of cryptocurrencies

Bitcoin tradeThe South Korean government prepares new measures to regulate the trade of cryptocurrencies. The country is one of the largest Bitcoin centers and regulatory plans have led to a decline in the cost of the digital currency.

At the end of last week, the investors massively sold out the Bitcoins and their price fell to just over 10,000 USD. There was a reassurance and a new rise to over 14,000 USD, but today there was another drop of 11% to 13,600 USD. Seoul is preparing to ban the sale of Bitcoin and other digital currencies from anonymous accounts, and the authorities will have the right to close stock exchange trading.

Earlier, the country’s authorities said they would tax revenues from cryptocurrency fluctuations to reduce the risk of speculation.

“The government has warned on several occasions that virtual money can not play the role of a real currency and can cause huge losses because of high volatility”, said the South Korean government in a statement.

Authorities note that the price of cryptocurrencies on South Korea’s stock exchanges is much higher than in other markets, but they do not give examples. The Bitcoin is very popular in South Korea, especially among hosts and students

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