The government of South Korea is going to ban the trading of cryptocurrencies, so it is interesting to see what will happen to the markets. Just the speculation of the minister of justice of South Korea speaking about this topic caused the price of Bitcoin to plummet 13.7%.

Several exchanges are struggling as a result of the news. Also exchanges are being investigated by the South Korean police as whether they are violating terms of service to try to get them in trouble so they’d get shutdown. China has already taken many steps to try and end cryptocurrencies and bitcoin in general. This caused many investors to panic and sell their assets. This caused market fluctuation and the sell walls to go higher on the exchanges.

There is so much speculation as to how much cryptocurrency will be used in our daily lives, and the South Koreans may not have the opportunity to be involved in the cryptocurrency culture. Ultimately I think this ban of cryptocurrency, if it goes into effect, will hurt the economy of South Korea. Cryptocurrency is the future and if South Korea misses out, they will take too long to adapt and might ruin them for a while. We are all in this fast pace world right now, and must act quick to figure out who will be the leader in cryptocurrency.

Sources:

https://www.wsj.com/articles/bitcoin-plunges-as-south-korea-crafts-cryptocurrency-crackdown-1515664956

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