The Korean government announced on Thursday that it will tighten regulation on Bitcoin and other cryptocurrency trading to tamper the excessive volatility in the market triggered by chaotic investing, Reuters reported.
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Authorities have also pointed out premiums in prices of cryptocurrencies traded on South Korean exchanges compared to other global counterparts.
After Japan, South Korea is the most dominant Asian country in cryptocurrency trading and accounts for more than a fifth of average global trading volumes. It said officials from the Justice Ministry could propose legislation that would shut down cryptocurrency exchanges nationwide, but didn't elaborate on when this might happen.
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As part of what appears to be a series of updates created to improve oversight of industry practices, the government will also seek to bar banks from issuing new virtual accounts to cryptocurrency exchanges. So, it may be a bit unfair to think that if the currency is supported by retail clients it has no value and if it is supported by institutions than it has more value.
Officials share the view that virtual currency trading is overheating irrationally... and we can no longer overlook this abnormal speculative situation.As pointed out by the Times, cryptocurrency exchanges in South Korea can already identify customers using cell phone data, and they've been working with the nation's banks on additional transparency measures. I believe longer-term we go higher, but also recognize that short-term pullbacks are possible.
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Bitcoin price recently saw a major downturn after it skyrocketed to $19666 levels on December 17.