South Korea To Ban Cryptocurrency Trading, Raids Exchanges - Markets Down

Yesterday was a turning point day in South Korea, at least form a cryptocurrency point of view. As Reuters reports, police raided a few exchanges, including Coinone and Bithumb, two of the largest, if not the largest exchanges in the peninsula.

South Korean ministry of justice, Park Sang-ki, declared the government is preparing a bill to ban trading on domestic cryptocurrency exchanges. The main concern seems to be what they called "herd" behavior:

“Virtual coins trade at a hefty premium in South Korea, and that is herd behavior showing how strong demand is here,” Park said. “Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out.”

As you may expect after such news, a panic sell ensued and the entire market is in red. But more on that in my daily market snapshot, in a few minutes.

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I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.

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