The financial world is abuzz with the news of South Korea’s Crypto-currency regulations. Korea is the third largest Crypto-currency market in the world following Japan and USA. It has been said that unknown and anonymous accounts would be banned and the crypto exchanges would be closely monitored. As reported by the Wall Street Journal and the Ministry of Justice, it has been said that all crypto-currency exchanges are being stopped in the country. However it has not been mentioned as to when this step would be taken. It is sufficient to say that Crypto-currency prices were hit hard.
Effect on Crypto-currency prices
The best part is the impact on the Crypto-currency prices. Bit-coin was most affected by twelve percent. It percent was about15, 500 dollars and the rate slid down rapidly to 13611 dollars. This news was provided by Coin desk. After the news was declared Ethereal was affected by as much as eight percent. So it can be safely said that this news affected Crypto-currency prices in the country and rates started sliding down and altering figures. The financial world is still stunned at the news.
Although the popularity remains with the Korean public but speculations have arisen that the financial Korean exchanges are not very stable. The best part is that the banning of the anonymous accounts has come with an approval from the Korea Blockchain Industry Association. It states that the transactions between the Korean Won and the account holder of the Crypto-currency owners are permitted in cases where the identity of the account holder is confirmed. Since this Crypto-currency craze, things have been racing really fast. This is where the government stepped in to take a firm stand and how.
It has also been announced by the Korean government that it intends to monitor the Crypto-currency transactions. In a press release the South Korean government expressed its concern over the Crypto-currency rage. Some steps to control include prohibiting banks from giving online accounts to Crypto-currency transactions. It has also announced new measures to close Crypto-currency transactions. As aforementioned above, the prices continued to drop. Although Bit coin saw a large dip in its margins, it managed to recover the costs too by sliding up to a fair good amount. This news has been announced and the spectators are tuned in to more updates from the government for further news on crypto-currency exchanges.