South Korea Prepares A Prohibition on Digital Currency Trading, The News Bitcoin Prices Decline Sharply

The South Korean government is rumored to be preparing rules about the ban on trading in digital currencies.

This news also immediately makes the price of bitcoin, ripple, and ethereum slump deep enough.

Quoting CNBC, Thursday (11/1/2018), bitcoin prices had weakened nearly 6 percent.

Meanwhile, according to CoinMarketCap data, the price of ethereum and ripple weakened by 11 and 9 percent respectively.

South Korean Justice Minister Park Sang Ki said it was preparing rules to ban the trading of digital currencies.

However, he did not explain in detail the content of the rules.

Clearly, in drafting the regulation, the Ministry of Justice has held discussions with a number of other government agencies, namely the Ministry of Finance and the financial authorities.

A few minutes after the announcement, at least about 106 billion US dollars of funds blurred from the digital currency market.

Selling action is expected to continue.

The drop in the price of some of the largest digital currencies occurred after earlier strengthening to reach record highs.

On January 4, 2018, ethereum prices reached a record high, ie 3.84 US dollars or approximately Rp 51,648.

However, to this day, the price of ethereum has fallen by 50 percent.

South Korea is one of the largest digital currency trading market in the world. This Ginseng Country accounts for about 6-12 percent of bitcoin trade.

Meanwhile, South Korea accounted for 14 percent of ethereum trade.

As for the ripple, the portion is 33 percent.

Some digital currencies such as bitcoin are often sold at a premium in South Korea's buying and selling center.

This makes the price higher than elsewhere, such as in the US or Europe.

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Source: aceh.tribunnews.com