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Bitcoin Price Drops as South Korea Says Exchange Closures Are Possible

Bitcoin Price Drops as South Korea Says Exchange Closures Are Possible

The Bitcoin price (BTC/USD) has fallen below $15,000 following news that South Korea will be implementing new regulations on cryptocurrency trading that may include shutting down some cryptocurrency exchanges.

The South Korean government said it will ban anonymous accounts for trading cryptocurrencies and will push for powers to close exchanges if needed.

South Korea, a global hub for bitcoin trading, said it is getting ready to impose additional measures, including the shutdown of exchanges, to regulate cryptocurrency speculation within the country.

LTCUSD 271217

According to a report on Reuters, South Korean authorities are likely to introduce curbs on the trading of cryptocurrencies like bitcoin within the country - specifically anonymous trading. Policy makers will review measures including the closure of crypto-exchanges suggested by the Ministry of Justice and take proper measures swiftly and firmly while monitoring the trend of the speculation.

European markets are mostly dipping in early trading, though the moves are modest. "We can not leave the abnormal situation of speculation any longer", the government statement read. Only those with verified accounts, confirming their age and residential status, will be permitted to trade digital currencies.

It can also be seen as the result of recent events in which government bodies were reportedly considering measures to halt what they called an "overheating of virtual currency speculation". "Regulators not only in Asia but globally are going to start addressing this fact because I don't think they've actually come to terms with what the absolute downside of a complete drop in crypto means for the economy".

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