South Korea Plans Measures To Curb Virtual Currency Speculation
Overnight trades dropped below $US14,000 ($17,956) on the heels of the news from South Korea, and cryptocurrency-related stocks also saw declines.
South Korea today said it would allow regulators to close virtual currency exchanges as well as ban all anonymous digital currency accounts as part of one of the many measures it has outlined to crack down on digital trading. As per the latest reports in the industry, the South Korean government is planning to bring new rules into practice in order to regulate digital currency trading in the country.
Following this news, the Bitcoin price has plunged by more than 11% in the past 24 hours and is now trading at $14375.70, according to CoinMarketCap.
Both investors and exchanges seem skeptical about a complete trading ban here considering daily transactions have already reached a whopping 7 trillion won.
According to the South Korean news agency Yonhap, the announcements were made by Hong Nam-ki, the minister of the Office for Government Policy Coordination, after discussion with vice ministers from other governmental bodies regarding the recent rise in cryptocurrency interest and ownership domestically.
South Korea's local news agency Yonhap has reported that the head of country's financial regulation agency has said that the "bubble in bitcoin will burst later". The South Korean government is also anxious that putting regulations on cryptocurrencies could have the effect of legitimizing them in the eyes of everyday people, who have recently been swept up in the cryptocurrency craze. "The government can't leave the abnormal situation of speculation any longer". It said officials from the Justice Ministry could propose legislation that would shut down cryptocurrency exchanges nationwide, but didn't elaborate on when this might happen.
The reported curbs come within days off South Korean authorities conducting onsite inspections of multiple domestic bitcoin exchanges following the December 19th hack of Youbit, a Seoul-based exchange that declared bankruptcy soon after. But they see a price adjustment unavoidable for some time.
Related:
-
Flu now widespread in 36 states, according to CDC
"When you can recognize the flu in yourself, you can recognize it in coworkers and family and help prevent the spread". Based on numbers provided by the state health department, the flu typically peaks around the third week of February.Tiger goes past 173 crore in 5 days!
It has been a record breaking journey for Tiger Zinda Hai and Bollywood couldn't have bargained for anything lesser from it. The movie, which hit the screens on December 22, got an extended opening weekend courtesy Christmas which was on Monday.Barack Obama, Hillary Clinton remain more admired man and woman in US
Seventeen per cent of the Americans who polled said Obama was the man they admired most , down from 22 per cent past year . Gallup explains that Trump's unpopularity is likely what's holding him back from winning the most admired distinction. -
Paige Possibly Injured At Tonight's Raw Live Event
Fans in attendance noted that Paige , who recently returned to WWE TV after undergoing neck surgery, may have suffered an injury. It was a six person tag team match, with her, Mandy Rose and Sonya Deville against Sasha Banks , Bayley and Mickie James.Library of Congress to End Wide-Ranging Twitter Archiving
The institution is also working with Twitter on how to handle public tweets that were later deleted. More information is available in the attached white paper .Donald Trump Lashes Out Against Top FBI Officials Over Holiday Weekend
That meant, he said, the normal investigative processes were not followed thanks to "extremely biased" pro-Clinton bureau members. McCabe's wife, Jill, did not get $700,000 in donations from Hillary Clinton for a Virginia state Senate race in 2015. -
Jay-Z Teases Music Video Feature Blue Ivy and Beyoncé
The clip features Jay walking with Blue into a church, and then getting into a confessional booth to confess his sins to Bey. Blue Ivy was only shown for a moment as she walked down the aisle of the church while hand-in-hand with her father.Longtime Atlanta news anchor Amanda Davis dies after suffering stroke
The Clark-Atlanta University graduate and Emmy-winning journalist spent 26 years at WAGA-TV, now a Fox affiliate. Amanda was at the airport on her way to San Antonio, where she was headed following the death of her stepfather.Cardi B And Fiance Offset Deny Having Sex On Instagram Live
As for everyone seeing her naked, Cardi doesn't care so much about that. "Always I know I know I got a nice body right". And Cardi B , 25, and her fiance, 26, pretended to get intimate on Instagram live as a joke, according to Page Six . -
Look out for a Wolf Moon over Manchester this New Year
During these events, the moon generally appears to be 14 percent bigger and 30 percent brighter than a typical full moon. But before that comes the Wolf Moon, the first "Supermoon" of 2018 when the moon appears bigger and brighter in the sky.Samsung has a new battery issue in its latest phone
Still, it's nothing of the disaster the Note 7 was, nor did it follow in the footsteps of Google's terrible Pixel 2 launch. Users have apparently been experiencing the inability to charge the device after the battery has fully drained out.Cold comfort: Weather could be colder
If these forecasts hold true, this week's temperatures will be colder than any day last winter. High temperatures will be only in the 20s and 30s with overnight lows dipping into the teens.