Published: Sat, December 30, 2017
Markets | By Noel Gibbs

Korea Cracks Down on Bitcoin Trading

Korea Cracks Down on Bitcoin Trading

The South Korean government announced today it will move to prohibit domestic cryptocurrency exchanges from allowing users to make transactions through anonymous accounts, local news sources report.

Despite eralier warnings, Hong said that speculation has shown little signs of abating, with values of many cryptocurrencies excessively higher at home than overseas, and some raising concern that money is flowing into cryptocurrency markets from productive sectors.

LTCUSD 271217
Korea Cracks Down on Bitcoin Trading

Following the news, Bitcoin's price dropped 11 percent from $15,489 to $13,800, according to Coinbase.

According to the market tracker Coinhills, the Korean Won is the third-most traded currency for bitcoin, and it regularly gives the US Dollar competition in related altcoins like Ethereum.

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Despite the extended fall, the Korean price was still nearly 30 percent higher than global prices, which local traders call "Kimchi Premium" mocking the speculative fever of the market that makes up more than a fifth of global trading.

"The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility", the South Korean government said in an official statement.

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China prohibited financial institutions from trading Bitcoin in December 2013 and closed down all cryptocurrency exchanges in September. Before this correction, Bitcoin had managed to recover from a major correction last Friday when the cryptocurrency corrected to more than 40% going below $12000.

In its statement, the government said it "can't leave the abnormal situation of speculation any longer" and said "cryptocurrency speculation has been irrationally overheated" in Korea. "We can not leave the abnormal situation of speculation any longer". But they see a price adjustment unavoidable for some time.

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