Bitcoin's cost tumbled for the current week, as it rose that individuals could be restricted from exchanging the cryptographic money in different nations around the globe.
South Korea was among the nations whose legislature has been flagging that it intends to get serious about digital money exchanging.
Prior this week, the nation's equity serve, Park Sang-ki, said the administration had "incredible worries" about advanced monetary forms and was "essentially setting up a bill to boycott digital money exchanging through trades", in the midst of fears it could make tax avoidance less demanding.
Precisely how it will do this remaining parts ambiguous and this perplexity has prompted vulnerability and spread frenzy among a few speculators.
The country later appeared to have softened its stance soon after, when a spokesperson for the country's Presidential Office said the possibility of a ban on exchanges was just “one of the measures prepared by the Ministry of Justice, but … not a measure that has been finalised”.
But the Finance Minister Kim Dong-yeon later said shutting down digital currency exchanges is “a live option but government ministries need to very seriously review it”.
The Financial Services Commission then added that the government was “considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law."
Even if a total ban on exchanges fails to materialise, the country could still impose new regulations on the market, such as bans on underage investors and anonymous trading accounts.
China's government shut down domestic exchanges last September, and it is now reportedly planning to cut off access to all online platforms and services – both homegrown and foreign – that enable people to trade digital currencies.
Polticians in France and Germany revealed plans to take a joint proposal to the G20 meeting in March calling for cryptocurrencies to be regulated, in order to “reduce the risks” for investors.
“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” said French Finance Minister Bruno Le Maire.
German Finance Minister Peter Altmaier added: “We have a responsibility towards our citizens to explain and reduce the risks.”
Bitcoin’s price appears to have stabilised, but it could start falling again if talk of potential bans and regulations continues.
However, the value of the notoriously volatile cryptocurrency has fluctuated unpredictably for weeks and nobody truly knows whether it is about to rise or fall spectacularly.
