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South Korea Government 'Will Not Ban Or Suppress' Cryptocurrency - Minister

South Korea Government 'Will Not Ban Or Suppress' Cryptocurrency - Minister

Bitcoin was trading at $10,000 by 10:30 PM ET, Etherum at $1,107 on the Bitfinex exchange, while Ripple XRP token was trading at $1.11 on the Poloniex exchange.

"Cryptocurrencies and the underlying blockchain technology definitely have a future in modern society and are extremely useful for the exchange of information and goods, however until the market is regulated they should be approached with caution", said Mr Parkhouse. The price of Bitcoin dropped by 3 percent, and a similar decrease was seen in most rival coins. Many are now spooked by the constant regulatory tries of big banks, governments and the like to curb the what seems the ever-growing market. It appears as South Korea mulls over a veto on dealing in cryptocurrency entirely and putting into practice new ruling on the cryptocurrency market.

The U.S. Commodity Futures Trading Commission sent subpoenas on December 6 to cryptocurrency trading venue Bitfinex and Tether, a company that issues a widely traded coin it claims to be pegged to the dollar, according to a person familiar with the matter who asked not to be identified discussing private information.

In Hosp's explanation of market cap, he also referred to the cryptocurrency company Tether - issuer of the controversial USDT token that's supposed pegged to the USA dollar. In recent years, Samsung's semiconductor business became a major earnings driver. The moment may have come when a critical mass of Bitcoin investors sensed its value was on the downswing, causing fear and a snowball effect of selloffs.

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Among other breaches, Customs said there were also cases where investors in Japan sent their yen worth 53.7 billion won to their partners in South Korea for illegal currency trade.

Tax evasion and money laundering are not going to be accepted by Governments around the world and the true future of Cryptocurrency is not dependent on criminals and money launderers, some crypto houses like G-BiT have seen the writing on the wall and build a system that is compliant with worldwide Anti Money Laundering and Tax Laws. On Tuesday, Korea represented only 4% of trade in Bitcoin. Most notable in Stellar's strategy so far has been a partnership with the IBM corporation for a banking network, serving countries in the Ocean-Pacific community such as Australia, New Zealand, Fiji and Tonga.

Right after the news hit the market, the price of Bitcoin fell below $11,000 and Ethereum fell to $1,174. Following the sell-off, Stellar (XLM) lost its sixth place, now standing at the eighth place based on market cap. China has recently cracked down intensely on Bitcoin mining, while South Korea has also passed legislation recently.


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