Korea Cryptocurrency Trading Ban: Not Finalized, Says Government

Bitcoin Struggles as South Korean Ban Pushes Forward

There was a seismic reaction from the cryptocurrency market to news that the South Korean government is preparing a bill to ban local cryptocurrency exchanges sending major coins: Bitcoin, Ethereum, Ripple and Litecoin tumbling earlier on Thursday before paring those losses.

One of the go-to sources and platforms for monitoring cryptocurrency prices - CoinMarketCap - has caused a bit of uproar in the crypto market after it chose to exclude South Korean exchanges from its data of price average calculations.

CoinMarketCap, a global source for cryptocurrency market data, caused cryptocurrencies to crash on Monday after it had tweeted out that it will exclude Korean exchanges prices due to the significant difference in prices compared to the rest of the world.

The website now excludes data from Korea's top three exchanges - Bithumb, Coinone and Korbit - from its calculations of virtual money rates.

CoinMarketCap has always been the go-to price index for cryptocurrencies, given its extensive database and an average price calculation based on global exchange data for each coin.

'South Korea has always had a premium because it's very hard to get cash out of the country, ' said Dwyer.




Additionally, South Korea's Financial Services Commission has been conducting onsite inspections of six local banks that offer cryptocurrency-related account services.

"Justice Minister Park's comments related to the shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it's not a measure that has been finalized".

It has also warned most cryptocurrencies were being traded in South Korea at far higher prices than elsewhere in the world, blaming factors including "blind speculation".

The move appears to have taken place just before 5 a.m. UTC (1 a.m. ET), when a steep, $35 billion drop in the total market cap of cryptocurrencies can be seen in CoinMarketCap's data. It seems that other government departments had only heard of the proposed ban through media reports, and hadn't been apprised of the Justice Ministry's plans.

A Chinese ban on virtual coin transactions in yuan ended up driving many investors underground, exposing them to greater risks, he said.

Related news:

Hot News

isis-killer-beheading-video-story-top Google Inc (GOOG) looks to have acquired United Kingdom startup Redux
Jan 12, 2018 - 00:08
The transfer of shares between NVF Tech Limited, the holders of Redux and Google was confirmed on the 13th of December, last year. Redux's technology eliminates the need for small speakers in mobile handsets, making more space available for other components.

isis-killer-beheading-video-story-top Toyota, Mazda to build $1.6 billion plant in Alabama
Jan 11, 2018 - 03:12
US sales of small cars fell almost 10 percent a year ago as buyers continued a massive shift toward SUVs and pickup trucks. The decision to pick Alabama is another example of foreign-based automakers building USA factories in the South.

isis-killer-beheading-video-story-top Patrick Kane Named Blackhawks' Lone All-Star
Jan 11, 2018 - 03:11
Also being rewarded for his standout season, Schenn lands his first All-Star appearance in his first season in St. North Chelmsford native Jack Eichel, a third-year standout for the Buffalo Sabres, made his first All-Star team.

isis-killer-beheading-video-story-top Disgraced Producer Harvey Weinstein Gets Slap In The Face At Arizona Restaurant
Jan 11, 2018 - 03:10
There is video of the incident and Weinstein did indeed catch a couple of backhanded slaps to his grill. A TMZ video released Wednesday shows the man, whose name is reportedly Steve, slapping Weinstein twice.

isis-killer-beheading-video-story-top Greta Gerwig Now Regrets Working With Woody Allen
Jan 11, 2018 - 03:09
Allen, who, for years, has been accused numerous times of sexual misconduct, directed Gerwig in the 2012 film To Rome With Love . In addition, Farrow also revealed that his relationship with his estranged father, Woody Allen , is deeply complicated.

isis-killer-beheading-video-story-top De Bruyne comments on contract renewal
Jan 11, 2018 - 01:10
Speaking after the club's 2-1 win against Bristol City on Tuesday night, the Belgian global said: "He's a very good player". It will be nice to have five days and then nearly a week before Newcastle to get a little bit of recovery.

isis-killer-beheading-video-story-top Trump calls interview with special counsel 'unlikely'
Jan 11, 2018 - 01:07
For 11 months, they've had this phony cloud over this administration, over our government. President Donald Trump is accusing Democratic Sen.

isis-killer-beheading-video-story-top Packers to hire Pettine as new DC
Jan 11, 2018 - 01:05
The expectation is that the Green Bay Packers will hire the former Browns head coach to serve as defensive coordinator. Philbin is expected to replace offensive coordinator Edgar Bennett, who won't return to the team in 2018.

isis-killer-beheading-video-story-top At The Last Minute, Blizzard Strikes Overwatch League Deal With Twitch
Jan 10, 2018 - 00:32
Aside from China, the new agreement provides exclusive worldwide coverage of all of the first two seasons of Overwatch League . The core addition of the patch is an entirely new menu accessed via the Overwatch League button on the main screen.

isis-killer-beheading-video-story-top OPEC Doesn't Want Brent Over $60 a Barrel, Says Iran's Oil Minister
Jan 10, 2018 - 00:31
On January 9, Brent crude futures were at $68.11 a barrel, 33 cents, or 0.5 percent, above their last close. Analysts say U.S. output may have levelled off over the holidays.

isis-killer-beheading-video-story-top The Razer Phone scores support for HDR10, Dolby Digital 5.1 Netflix content
Jan 10, 2018 - 00:30
Also, with 200GB of internal storage, Project Linda can house local apps, games, media, and offline phone backups. Enjoy the comfort and precision of a backlit laptop keyboard, powered by Razer Chroma.

isis-killer-beheading-video-story-top Do Not Disturb Feature Coming to Xbox One
Jan 10, 2018 - 00:30
They are only enabled for a portion of the Xbox Insider audience members and are meant to gauge interest and collect feedback. You'll soon be able to see a peek of the most recent comments on community posts while viewing the activity in full screen.

isis-killer-beheading-video-story-top Trump Pushes Compromise On Immigration
Jan 10, 2018 - 00:27
Trump repeatedly supported the idea of the wall, but he began the meeting saying that he would back whatever bill Congress sends him.

CES 2018: Vivo unveiled first smartphone with in-display fingerprint scanner
Jan 10, 2018 - 00:27
It will be interesting to see how the new biometric scanning technology will affect the smartphone usage and the industry trends. The company said a “Tier 1” manufacturer would introduce the first phone with the tech at CES 2018 .

isis-killer-beheading-video-story-top Pierce County deputy was Navy veteran, father
Jan 09, 2018 - 01:59
Deputies are doing a K-9 track in the area and have closed Canyon Road at 176th Street South all the way to the end of the road. One suspect was found dead at the scene and another is on the loose and being sought by authorities.