News concerning South Korea’s cryptocurrency trading ban has caused bearish pressure on Bitcoin prices. Yet, South Korea’s Presidential office mentioned today that legislation has not been “finalized.”

“Justice Minister Park’s comments related to the shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it’s not a measure that has been finalized” says a Presidential Office spokesman as quoted in Reuters.

Even if legislation is approved, its effect may not be immediate as many fear. As Reuter states, “once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.”

Regardless, the fear of a massive exchange shutdown remains as South Korea’s government contemplates its options for hampering speculative activity that it deems excessive.

There have also been reports of police and tax officials raiding exchanges Bithumb and Coinone; the latter for alleged tax evasion.

Within the last 24 hours, Bitcoin prices have tumbled. At the time of this writing, the price for one bitcoin stands at $13,225.

 


The risk of loss in the trading of stocks, options, futures, foreign exchanges, foreign equities, and bonds can be substantial and is not suitable for all investors. Trading on margin or the use of leverage is not suitable for all investors and losses exceeding your initial deposit is possible. Supporting documentation is available upon request. Trading futures, options on futures, and foreign exchanges involves substantial risk of loss and is not suitable for all investors. Carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources and only risk capital should be used. Opinions, market data, and recommendations are subject to change at any time. The lower the margin used the higher the leverage and therefore increases your risk. Past performance is not necessarily indicative of future results.