Korean Official: Cryptocurrency Exchange Ban 'Not Finalized'

According to cryptocurrency exchange Bithumb the price per bitcoin reached 24.7 million won as of 2:30 p.m. today up 1.4 percent after financial authorities announced plans to investigate cryptocurrency exchanges

According to cryptocurrency exchange Bithumb the price per bitcoin reached 24.7 million won as of 2:30 p.m. today up 1.4 percent after financial authorities announced plans to investigate cryptocurrency exchanges

Cryptocurrencies have been known to trade at significant premiums in South Korea, often times many magnitudes higher than on other exchanges, due to localized demand and strict national controls on capital movement.

CMC, however, sent out an official Tweet on Monday, citing "extreme divergence in prices from the rest of the world and limited arbitrage opportunity" as the main reason behind dropping Korean exchanges from their index.

Amid Korea's toughened regulations against speculative cryptocurrency trading, Korean investors seem to be turning their eyes to foreign exchanges.

Park Sang-ki, the country's justice minister, said there were "great concerns" about digital currencies and that his department was preparing a bill that could ban trading in all of them.

On Thursday, January 11, 2018, reports from South Korea indicated that some of the nation's authorities are planning a ban on cryptocurrency trading in the country.

A shutdown was "one of the measures that have been prepared by the justice ministry", chief press secretary Yoon Young Chan said in a statement, "but it is not a finalised decision".

Arsene Wenger gets three match ban, fined £40000
The 68-year-old has been asked by the FA to explain his comments before and after the London derby about officiating. Then we could have lost the game but we had the resources to come back, and in the end maybe it's a fair result.

Choi said that the government is ramping up monitoring efforts, and is poised to hold accountable banks for their duty to prevent money laundering.

In the meantime, the global price of Ethereum dropped 1.6 percent at a similar time, drawing a stark contrast with the 6.1 percent price increase in South Korea, according to Bithumb's analysis based on data from website CoinMarketCap. Several comments on the popular social media platforms like Twitter and Reddit shows that many cryptocurrency enthusiasts are quite disappointed by the lack of any formal announcement before making this data change.

Last month Seoul banned its financial firms from dealing in virtual currencies.

It has also warned most cryptocurrencies were being traded in South Korea at far higher prices than elsewhere in the world, blaming factors including "blind speculation".

The total market capitalisation of some 1,300 cryptocurrencies tracked by the website then plunged 20 per cent from around $830bn to $669bn, it has been reported.

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