Why Cryptocurrency Price has Fallen so Heavily
Bitcoin’s price has tumbled this week, as trading the cryptocurrency could be banned in various countries around the world. South Korea is one of the countries whose government has been signalling that it plan to make trading cryptocurrencies illegal in the country.
Earlier this week, the country’s justice minister, Park Sang-ki, said the government had “great concerns” about digital currencies and was “basically preparing a bill to ban cryptocurrency trading through exchanges”, amid fears it could make tax evasion easier.
The country later appeared to have softened its stance soon after, when a spokesperson for the country’s Presidential Office said the possibility of a ban on exchanges was just “one of the measures prepared by the Ministry of Justice, but … not a measure that has been finalised”.
The Financial Services Commission then added that the government was “considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law.”