Verne global bitcoin

Related Story: Bitcoin: What’s the worst that would happen if the crypto ‘bubble’ bursts? The South Korean Government has flagged a ban on cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil. The clampdown in South Korea, a crucial source of global demand verne global bitcoin cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year. There are great concerns regarding virtual currencies and Justice Ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Justice Minister Park Sang-ki said in a press conference.

A press official said the proposed ban on cryptocurrency trading was announced after “enough discussion” with other government agencies, including the nation’s finance ministry and financial regulators. Once a bill is drafted, legislation for an outright ban of virtual coin trading would require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years. The Government’s tough stance triggered a selloff of the cryptocurrency on both local and offshore exchanges. The local price of bitcoin plunged as much as 21 per cent in midday trade to 18. It still trades at around a 30 per cent premium compared to other countries.