South Korea is drafting a bill to ban cryptocurrency trading despite it being one of the most active markets.
Editor’s Remarks: The move comes just after CoinMarketCap, one of the most popular cryptocurrency databases, decided to remove South Korean price data from its listings because of the enormous premiums that South Koreans are paying. On news of the potential ban, bitcoin fell to a low of $12,800 on the Bitstamp exchange. Any legislation will have to be passed by the nation’s National Assembly but should it be passed the consequences for the wider crypto market could be dire as South Korea is the third most active market for virtual currencies.
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