Bitcoin Sinks As South Korea Bans Anonymous Crypto Accounts

The new curbs on Bitcoin in South Korea came nine days after the Seoul-based digital currency exchange declared bankruptcy after being hacked for the second time. The exchange shut down after losing 17% of its assets in a cyber attack blamed on North Korean hackers.

Due to that and the South Korea’s government announcement about banning digital currencies, Bitcoin has been suffering fresh losses today. The digital currency tumbled 11% to below $14,000 which means that it shed a quarter of its value since hitting the latest record high on 17 December.

The new measures of the South Korea government include a ban on opening anonymous crypto accounts as well as new legislation that allows regulators to close virtual coin exchanges if and when needed. Even though Bitcoin took South Korea by storm over the past few months, a lot of people fear that the boom went too far.

The government thinks the same, despite the fact that 20% of all bitcoin transactions took place in the country.
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As the government stated officially:

“Officials share the view that virtual currency trading is overheating irrationally … and we can no longer overlook this abnormal speculative situation.We will … resolutely respond to such crimes by slapping maximum sentences possible on offenders,” the government said, vowing to “leave all policy options open, including closure of a cryptocurrency exchange when deemed necessary.”

The announcement also pointed fingers to hackers and Bitcoin money laundering as well as manipulating the price of Bitcoin. As a result, Bitcoin’s price has reeled to somewhere over ,000 this morning.
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