Is North Korea behind the Bitcoin crash?

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Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing Infosecurity Magazine, you agree to our use of cookies. South Korean regulators are bitcoin crash north korea a ban on cryptocurrency trading, sparking outrage across the nation.

The justice minister, Park Sang-ki, bitcoin crash north korea this week that the government was preparing legislation to halt the trading of Bitcoin, Monero and other virtual money. Its young, tech-savvy populace has seized on virtual currency as a way to earn cash amid an economy that offers dwindling job prospects for millennials, despite its relative wealth as a nation. With Bitcoin pricing exploding over the last few months, many people have earned quite a bit.

The petition there has drawn more thansignatures against a ban, as of Friday. Regulators are concerned that the casino-like, speculative nature of the virtual marketplace bitcoin crash north korea resulted in a bubble that is destined to burst, and they worry that economic catastrophe for whole swaths of the population could follow.

However, there are those that claim it's too risky and too volatile, and should the cryptocurrency market collapse, the government of South Korea would have to pick up the slack for the economic damage that would cause.

This could be seen as the wall at the end of the tunnel. The world is watching with huge anticipation. Then there are the cybersecurity concerns: Also, hacks on exchanges are not infrequent. In July, personal details on 30, people were stolen from South Korea-based crypto-currency exchange Bithumb, leading to the theft of funds from their Bitcoin and Ethereum accounts.

The company, one of the largest exchanges for virtual currencies in the world, said the data theft happened after an employee's PC was hacked. From there, the hackers used the information to text and call users to con them out of their authentication codes, which were then used to steal funds from bitcoin crash north korea accounts.

Another South Korean Bitcoin exchange, YoBit, was forced bitcoin crash north korea close in December after suffering two major cyber-attacks in one year. At this point, it may be too early to guess at what a ban on cryptocurrency trading would do bitcoin crash north korea South Korea, either economically or politically, but as the number of South Koreans who use cryptocurrencies increases, this issue will become more challenging to address at a national level.

Our website uses cookies Cookies enable us to provide the best experience possible and help us understand how visitors use our website. Okay, I understand Learn more. The average Korean investor owns around 5. In any event, South Korea has much to consider.

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Updated January 12, The South Korean Government has flagged a ban on cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil. 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 last year.

A press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies, including the nation's finance ministry and financial regulators.

Once a bill is drafted, legislation for an outright ban of virtual coin trading would require a majority vote of the total members of the National Assembly, a process that could take months or even years.

The Government's tough stance triggered a selloff of the cryptocurrency on both local and offshore exchanges. The local price of bitcoin plunged as much as 21 per cent in midday trade to Indeed, bitcoin's 1, per cent surge last year has stoked huge demand for cryptocurrency in South Korea, drawing college students to housewives and sparking worries of a gambling addiction.

By Thursday afternoon, the Justice Ministry's announcement had prompted more than 55, South Koreans to join a petition asking the presidential Blue House to halt the crackdown on the virtual currency, making the Blue House website intermittently unavailable due to heavy traffic.

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