Published: Tue, February 20, 2018
Money | By Armando Alvarado

South Korea To 'Support' And 'Encourage' Crypto Transactions

South Korea To 'Support' And 'Encourage' Crypto Transactions

Korean regulators mandated the utilization of a real name trading framework from January 30 wherein digital currency traders and investors are required to utilize their genuine names with their digital currency exchange accounts or wallets and bank accounts, a move to put a conclusion to the anonymous exchanging of digital currencies. Bitcoin rose 3.8 per cent to US$11,502 (RM44,823) at 7:15am in NY, heading for a one-month high, according to prices compiled by Bloomberg.

Thus, bitcoin has managed to recover from its two-month low of $6,000 recorded earlier this month and is now trading at $11,186, according to CoinMarketCap. With a market cap in the hundreds of billions, the influence of cryptocurrency is impossible to ignore.

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While brief, the statements will likely be seen positively by South Korea's crypto community, as well as world markets, since the option to outright ban cryptocurrency exchanges had been mulled by regulators as one way to calm the country's heated cryptocurrency market and counter money-laundering. And, it has crossed $500 mark on Saturday.

The South Korean won was also the second-most widely-used currency for trading some alternative cryptocurrencies, including ether and Bitcoin Cash, which is a bitcoin rival.

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A South Korean government official who helped regulatory efforts to limit cryptocurrency speculation has died, according to multiple reports.

Moreover, predictions of sustainable growth in bitcoin prices from key analysts have been adding to bullish sentiments.

He said: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time.

Choe said the government will "encourage" banks to make transactions with cryptocurrency exchanges. "But many have bought this dip and have added since the rebound and additional regulatory clarity in the United States and Asia".

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