Published: Fri, January 12, 2018
Research | By Francis Brooks

Korea Cryptocurrency Trading Ban: Not Finalized, Says Government

Korea Cryptocurrency Trading Ban: Not Finalized, Says Government

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.

Moreover, due to huge trading volumes being contributed by South Korean investors, its local exchanges have shown prices at a premium rate which is much higher than that shown by markets like GDAX and Bitfinex.

The office spoke out after news reports indicated Wednesday that the South Korean Justice Department is planning legislation that would pave the way for exchanges in the country to be shut down to largely halt cryptocurrency trading.

During the emergency briefing earlier today, Choi, who chairs the Financial Services Commission, said South Korea is seeking to collaborate with China and Japan by "setting up a detailed system of cooperation".

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".

Bitcoin had plunged 12% to $12,801 early on Thursday and at 15:00 GMT was down -1.57% at $14,009.40.

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"We're closely monitoring government moves".

In the meantime, the worldwide 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. While this news isn't good for investors of virtual currencies, it also doesn't mean that a ban is a sure thing.

Prices of the world's largest cryptocurrencies appeared to take some major hits on Monday morning after, arguably the most popular and important site for cryptocurrency pricing data, opted to remove South Korean exchanges from its data sources.

While the community is divided over the issue of leaving Korean exchanges out of the market data, the majority criticized CMC's decision to make such a major change without prior notice.

Two weeks later, it announced a ban on opening anonymous cryptocurrency accounts and a crackdown on money laundering activities using them.

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