Bitcoin tumbles after South Korea prohibition


The value of the crypto-currency, Bitcoin reportedly dropped by some 13.5% earlier this week after legislators in South Korea are preparing to introduce legislation that would hope to institute an outright ban on its use.

The news sent the price of the decentralized tradable digital asset, which is popular among many online casino aficionados, plummeting by around $2,000 from the previous day’s high of $14,890.

South Korea is one of the ‘key nations’ driving the rising popularity of Bitcoin due to its more than twelve crypto-currency exchanges with the local value of the digital money having swelled by around 1,500% over the last year due to high demand from demographics as varied as housewives and university students. 

Their Ministry of Justice drafts its Bitcoin prohibition legislation, the measure will go to the country’s National Assembly where it must attain support from a majority of the body’s 297 members in order to become the law of the land. However, this process could take many months or even years to complete, while Thursday saw the government’s official website crash after approximately 55,000 South Koreans logged in to sign a digital petition to stop the proposed ban.

American multi-billionaire business magnate Warren Buffet declare that he would never invest in Bitcoin before predicting that the future will see all crypto-currencies fail.



Location: Malaysia

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