What’s Going on With the South Korean Cryptocurrency Market?

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The price of the world’s largest cryptocurrency by market capitalization recently took another dip in price after South Korean legislation proved to be more stringent than most thought. In a statement from the government in South Korea, they stated that “Cryptocurrency speculation has been irrationally overheated in Korea. The government can’t leave the abnormal situation of speculation any longer.”

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The government wants to enact a law that would effectively take out the anonymity clause of cryptocurrency, requiring all who trade, to be registered with their real names. Those who are making the policy will also require certain cryptocurrency exchanges to shut down within the country, causing bitcoin to presumably crash even further.” There is no immediate indication that this will occur any time in the near future, but any talk of this always affects the larger market given the amount of money invested from the Korean state. This crackdown is followed by other countries who have been doing the same. During the last week of December, Singapore decided to warn cryptocurrency buyers by stating that they should be aware of the possibility that they could potentially lose all their money.

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The currency bitcoin has gone up by over 1,300% since the beginning of the year, bringing in many investors who are eager to get a piece of the large market. Stephen Innes, head of trading for Asia Pacific at Oanda stated that “regulators are getting so concerned that this is primarily and predominantly a retail phenomenon. Regulators not only in Asia but globally are going to start addressing this fact because I don’t think they’ve actually come to terms with what the absolute downside of a complete drop in crypto means for the economy.” The hopes are high that this legislation will not continue to affect the market substantially.


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