On the night of Thursday, January 11, a number of mainstream media disseminated reports about the plans of the South Korean government to prohibit crypto-currency trading. On these news, the market has significantly subsided.
So, earlier today the price of bitcoin fell below $ 13000, in the red zone there is also the majority of other leading crypto-currencies.
Top Ten Cryptocurrencies
The aggregate capitalization of the cryptocurrency market has fallen below $ 650 billion. Also, this rumours was support by the news that South Korean authorities instigating inspection raid at two major exchanges. It had led to the panic sell.
At the same time, an analyst based in the Asian region and well-acquainted with the state of affairs posted next Tweet.
South Korean Blue House (like the US White House) is being bombarded with complaints from citizens about the Ministry of Justice's premature statement on possible crackdown on #cryptocurrency trading.https://t.co/Mo3f0KBbIl
— Joseph Young (@iamjosephyoung) 11 января 2018 г.
But Presidential Administration of South Korea dispelled cryptocurrency ban rumours. It has published a report on the alleged ban on exchange trade promoted by the Ministry of Justice after receiving more than 1,000 applications demanding not to take this decision. This is reported by Yonhap News.
Justice Minister Park Sang-ki's remarks regarding the shutdown of cryptocurrency exchanges is one of the measures that have been prepared by the Justice Ministry, but it is not a finalized decision and will be finalized through discussion and a coordination process with each government ministry," Yoon Young-chan, chief press secretary to President Moon Jae-in, said in a statement.
Press secretary of President of South Korea
A few hours after the publication of the proposal to ban exchange trade, the Ministry of Strategy and Finance of South Korea publicly stated that it does not support the position of the Ministry of Justice.
In order for the proposal of the Ministry of Justice to obtain the status of law, the majority of the members of the National Assembly must vote for it. The entire process can take several months or even years.