South Korea became an important vector for the cryptocurrency system, especially for Bitcoin developing. This is why, because of the error produced last week by CoinMarketCap exchange platform, Bitcoin industry decreased so much.
South Korea already made an announcement about their slow down cryptocurrency activities and made the system be vulnerable. More than 200.000 people signed the petition against the Bitcoin crackdown. However, the Government continues to prepare a regulation for shutting down the cryptocurrency’s exchanges and banning the unknown trading institutions.
Bitcoin decreased with over 17% after the announcing made by the Finance Minister- Kim Dong Yeon on 16 January 2018, related to South Korea’s Yonhap News. He argued that “the shutdown of virtual currency exchanges is still one of the options that the government has”.
Why is South Korea so important for Bitcoin Industry?
South Korea is considered to be the third largest market for Bitcoin traders in the world, according to statistics made by Coinhills website.
Also, there are about 2 million people based in South Korea that use cryptocurrency applications; this is almost 5% of country’s total population, related WiseApp analytics.
South Korea is an important factor in the digital blockchains scheme. They show a high demand of users and the additional advantage for the global maintenance is that they pay for using digital currencies more than US does, for example. So, now imagine how bad are the consequences if South Korea excludes itself entirely from this industry.