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South Korea's Crackdown on Cryptocurrency Influences Drop in Bitcoin Price

South Korea's Crackdown on Cryptocurrency Influences Drop in Bitcoin Price

The South Korean government is also anxious that putting regulations on cryptocurrencies could have the effect of legitimizing them in the eyes of everyday people, who have recently been swept up in the cryptocurrency craze.

South Korea's government said it plans to implement special measures to control virtual currency speculation.

As a part of this crackdown, South Korean regulators will close down anonymous accounts next month.

Bitcoin drops below $14,000 in overnight trading on statement from South Korean government that trading is "overheated". Many of them believe that there is a huge bubble in the market and this can burst at any point in time. Hong said that under the new measure, only real-name bank accounts and matching accounts at cryptocurrency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned. TechCrunch previously reported that the Kim Jong Un regime may be using cryptocurrency trading as a side business for the Kim family.

According to the South Korean news agency Yonhap, the announcements were made by Hong Nam-ki, the minister of the Office for Government Policy Coordination, after discussion with vice ministers from other governmental bodies regarding the recent rise in cryptocurrency interest and ownership domestically.

The government is also considering levying transfer and exchange taxes on cryptocurrency trading. S.G. Lee, chairman of the Korea Fintech Industry Association, told the New York Times on Thursday that he sees these moves as an effort to cool down the markets rather than an earnest desire to regulate cryptocurrencies.

South Korea is an important market for cryptocurrency trading. He said officials worry that regulations just give cryptocurrencies more legitimacy.

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