Bitcoin and ethereum: South Korea bill could ban cryptocurrency trading

Bitcoin tumbled more than 12 percent following Park's remarks, before recovering. It was down 1.6 percent on the Coi...

Bitcoin tumbled more than 12 percent following Park's remarks, before recovering. It was down 1.6 percent on the Coinbase exchange.

Ethereum tanked on the news and remained 11 percent lower on Coinbase.

Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.

Later in the day, South Korea's presidential office said that any potential bill "is not a measure that has been finalized," according to News1, a South Korean news site.

Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.

The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.

Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.

Source: https://goodnewsbitcoin.com/bitcoin-and-ethereum-south-korea-bill-could-ban-cryptocurrency-trading/

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