February 19, 2018

Bitcoin Plunges as South Korea Tightens Restrictions

25 January 2018, 02:16 | Virginia Santiago

North Korean hackers stole funds from South Korean cryptocurrency exchanges

South Korea Progressing on Road to Cryptocurrency Regulation

In today's trading, the Bitcoin price stood at $11,103.90, as of 11:57 GMT. Some of the more recent regulatory pressure can be linked to South Korea.

Many believe these declines can be attributed to fears over regulation. There will be some certain regulation, but clearly not a ban on cryptocurrencies. Prior to these measures, currency exchanges issued encrypted virtual accounts to investors for trading.

The moves follow warnings by South Korean authorities that they might ban anonymous trading in crypto currencies and crack down on speculative trading. Apparently Indian tax officials collected data from nine cryptocurrency exchanges in Pune, Bengaluru, Mumbai, and Delhi, and they found - SURPRISE - one whole heck of a lot of electronic value was trading hands in a big way. For example, now the price of Ethereum on western exchanges is around $1080, while on South Korean exchanges the price is $1230, a 13% premium.

Additionally - historically, the cryptocurrency markets have always underperformed in January, partly due to the Chinese new year, when many people will withdraw money from the crypto exchanges to send to friends/family domestically or overseas. This meant that the increasingly popular cryptocurrency overtook litecoin (LTC) to become the world's sixth-largest cryptocurrency with a market capitalisation of US$10.2 billion.

The South Korean government said Monday it will collect up to 24.2% of corporate and local income taxes from the country's digital currency exchanges this year, according to an English-language report from the local. They will not be allowed to trade digital currencies unless the names on their bank accounts matches the account name in cryptocurrency exchanges, even if they have existing virtual accounts. The FSC said in the release that the new rule is resulted from an inspection of domestic anonymous crypto trading accounts - assisted by six domestic banks, as well as the Financial Intelligence Unit - from January 8-16.

Trump Lashes Out After Schumer Withdraws Offer On Border Wall
After both sides reached a short-term agreement three days later, Donald Trump made a decision to vent [VIDEO] on social media. Trump signed the measure into law on Monday night and government operations were essentially to return to normal on Tuesday.

In September 2017, the Chinese government imposed a ban on initial coin offerings (ICOs), contributing to a slowdown in the market.

Clear taxation laws for exchanges might be an important part of spurring cryptocurrency's broader acceptance.

Earlier this month, South Korea said it was considering a complete ban on trading bitcoins.

According to Bloomberg political coverage from December, Italy's finance minister is also interested in crypto regulation. The six include Shinhan Bank, NH Bank and the Industrial Bank of Korea. The bad news is that it won't necessarily be the free and open market it is in most countries in the world.

Other News

Trending Now

Trump Slaps Steep Tariffs on Imported Washers, Solar Panels
The first 2.5 gigawatts of imported solar cells will be exempt from the safeguard tariff in each of those four years. According to Bloomberg New Energy Finance, the costs of large solar farms may rise by less than 10 percent.

Activists take to the streets for second Women's March
With apparent sarcasm, Trump tweeted, "Beautiful weather all over our great country, a flawless day for all women to march". Contempt for Donald Trump's sexism doesn't stop at U.S. borders, as this protester in Montreal demonstrates.

Man City vs Newcastle 20 January 2018: EPL Preview and Predictions
Manchester City have scored a minimum of 4 goals in each of their last 4 Premier League matches at home against Newcastle United . BettingThe one definitive answer we got last week is that Man City will not be going the whole Premier League season undefeated.

Toronto in running for new Amazon headquarters
That didn't stop people from calling the Development Foundation up and letting them know about Amazon's invitation, Dziedzic said. The bid from the New York area includes New York City, Long Island and Westchester County and was assembled by the state, Gov.

Government shutdown: Be prepared, not scared!
When the government enters a shutdown, it is technically only a partial shutdown as all essential government services remain open. The CDC has said it will continue to respond to influenza outbreaks, including analysing the data being reported by states.

India relax, South Africa prepare for 3-0
Aiden Markram was Bumrah's first victim, falling leg before wicket as he played back to a ball which cut back and kept low. To win a Test match you need 20 wickets and we have taken 20 wickets. "It doesnt happen these days with packed calendars".

Australia vs England 2018, 2nd ODI - Hits and misses
For the Gabba - Warner, Finch, Smith, Head, Marsh, Stoinis, Cameron White, Alex Carey , Starc, Tye, and Jhye Richardson . Just when Australia were sagging, he nabbed Hales and Bairstow in consecutive overs to tighten things up once more.

Sportsbest Busted Sponsoring Nick Kyrgios' Brother From The Stands
Nick Kyrgios cruised through to the second round of the 2018 Australian Open with a straight sets win over Rogerio Dutra Silva. Asked about the prospect of facing Kyrgios, and the majority of the crowd, Dimitrov said: "I've done it many times before".

Kurds in Canada urge Turkey to 'stop spilling Kurdish blood' in Afrin
The Turkish Air Force has regularly carried out raids on PKK rear bases around the Qandil mountains in northern Iraq since then. Erdogan insisted Turkey had discussed the operation in advance with Russian Federation , and Moscow was in "agreement".

English Premier League: Man City hosts Newcastle, and more
And Guardiola will be confident that his high-flying City side can claim all three points on Saturday against Rafa Benitez's men. The Magpies have triumphed in back-to-back Premier League away games, having won just one of the previous 20.