South Korea to Ban Cryptocurrency: South Korea Justice Minister Park Sang-ki has said that a bill is being prepared to ban all the cryptocurrency trading in the country on Thursday. This news has created the major issue in cryptocurrency market. South Korea is the biggest market for the crypto coins Bitcoin and Ethereum.
According to the survey, most of the Bitcoins and Ethereum are traded in the country South Korea. The South Korea nation’s police and tax authorities raided local exchanges on alleged tax evasion. The bill prepared to ban by South Korean Government for cryptocurrency trading after enough discussion with the nation’s finance ministry and Financial regulators.
Crypto Prices Crashes Down
In the past one week, the price of most of the top cryptocurrencies falls down. This is because many exchange sites do not allow any new accounts. The Commissioner has said thereby the Government of South Korea has the ability to take action to either stop trading or shut the exchange.
Because of this the rate of trading has been decreased thereby decrease in its price. Now the South Korean Government has decided to ban cryptocurrency trading stating that it is illegal. Also in recent Interview, Warren Buffett has said that cryptocurrency field will have the very bad ending.
With this news, many investors have started to sell the coins immediately. This leads to market crash in recent times. The reason given for banning cryptocurrency is it poses serious threats to future generations. Ripple is the most expected coin of this year but due to these issues, the price crashes down.
It is a note for the investors and traders of cryptocurrency that each transaction has to be recorded otherwise it leads to misuse of finance.