South Korean officials plan to ban all domestic cryptocurrency exchanges

South Korea Raids Cryptocurrency Exchanges, Plans to Ban Trading

The U.S. Senate will hold a hearing with the country's top markets regulators to discuss risks posed by cryptocurrencies such as bitcoin, Reuters reported, citing an unidentified person with direct knowledge of matter.

South Korea aims to ban cryptocurrency exchanges in the country, as the frenzied trading of digital money among local investors has generated fears of speculation and financial crime.

While the government had been cautious of the idea of a complete shutdown, it rolled out plans to tame cryptocurrencies on December 13, followed by the Financial Services Commission's statement that a bill was being authored to ban exchanges' activities as illegal fundraisers.

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the previous year.

Bitcoin as well as other cryptocurrency is now experiencing a huge slumped as South Korea's ministry of justice reemphasized its proposed ban on crypto trading. It hit an all-time high of $830 billion earlier this month, according to data from CoinMarketCap. BTC/USD is now trading at $13590 levels at the time of writing.

Regulators are taking a keener interest in the cryptocurrency world.

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"Japan is the likely beneficiary of this move", Quinn-Watson added.

South Korea has been a hot market for cryptocurrencies. Though there have been mixed responses about its reliability and future, the boom has made many major exchanges to start bitcoin trading on their platforms.

The Seoul government has been sending strong messages against booming cryptocurrency trades, with authorities raiding offices of exchanges, inspecting commercial banks for accounts and warning of more measures to come against the speculative nature of the cryptocurrencies. "It's doubtful that's going to just disappear".

"The other thing I've always [said] about bitcoin, governments - and this is not a technological statement - governments are going to crush it one day", Dimon said of bitcoin.

Dimon famously called bitcoin "a fraud" in September, but stepped away from those remarks Tuesday. The virtual coin market has emerged as a breakthrough of technology over the past year.

Financial Services Commission head Choi Jong-ku foreshadowed the impending wave of government involvement at a press conference on January 8.

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