New Cryptocurrency Regulations to Benefit the South Korean People (Q1 2018)

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Instead, the finance minister said the government's immediate goal is to regulate exchanges.

Illegal foreign currency trading of 472.3 billion formed the bulk of the cryptocurrency crimes, it said in a statement, but gave no details on what action authorities were taking against the rule breaches. After banning cryptocurrency exchanges previous year, authorities a few weeks back noticed an uptick in activity on what Bloomberg called "alternative venues" which prompted the government to escalate its crackdown on cryptocurrency trading. The sharp depreciation witnessed in Bitcoin today should remind investors on how explosively volatile and unpredictable the cryptocurrency can be.

It's not entirely clear when, how or even whether South Korea intends to crackdown on cryptocurrency global transfers. It is also a commodity that has attracted a good deal of controversy, with many believing that it is in a bubble, and others suggesting that it displays great potential for growth.

Government has contained inflation: President
In addition, under the "National AYUSH Mission", traditional methods of treatment, such as Yoga and Ayurveda are being promoted. Kovind stressed that his government was committed to "empowerment and not appeasement" of minorities.

Bitcoin traded 12% lower near $9,817 according to CoinDesk's bitcoin price index, which tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex. Whether it can retain this position, or even challenge the supremacy of Bitcoin in the coming months remains to be seen, but those who have invested in Ethereum over the last couple of years have already experienced a profitable return. Coinmarketcap holds tremendous influence in the cryptocurrency investment community.

The news immediately caused a price tumble for Bitcoin and other major digital coins, and it sparked speculation as to whether Korea would follow China and completely shut down cryptocurrency trading. South Korea and Japan seem to be adopting crypto through the process of regulating it versus trying to ban it outright. That represents a decline of about 50% from the high set in late December 2017, when Bitcoin was well over $19,000.

Although it is still far too early to tell what the overall long-term impacts of the new regulations will be, the price of most cryptocurrencies immediately dropped as soon as the South Korean government announced that the regulations had been implemented. Following the sell-off, Stellar (XLM) lost its sixth place, now standing at the eighth place based on market cap. Websites that track cryptocurrency trading volume show that more than 10% of all Ethereum traded is versus the South Korean Won, second only to the dollar, and more than the Euro, the Yen and the Pound.

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