If you’ve been following the trends in cryptocurrency for a while, the chances are good that you understand how unpredictable the trading markets can get, notably when news or rumors surrounding crypto trading starts circulating.
One of the stories that temporarily impacted the price of Bitcoin and other digital currencies this week was news that the Government of South Korea was banning cryptocurrency trading was getting prohibited from trading on exchanges in the country.
Regulations Are Forthcoming
South Korea’s Justice Minister Park Sang-ki stated that the officials in the country are working on regulations and legislation that could potentially suppress crypto trading. However, any decision they come to govern the purchase, sales, and exchange of Bitcoin and other cryptocurrencies could take several months to a year.
While there is a chance that the country could ban the industry, it is more likely that they will enforce user verification, security protocols, and tax enforcement on crypto-related transactions on Cryptocurrency exchanges.
On mid-day Friday, January 12, 2018, BTC was trading in the 13,600 range. The last day that the market opened in this trading range was on January 2, 2018, according to data provided by CoinMarketCap.