Seoul Uncovers Illegal Cryptocurrency Foreign Exchange Trading Worth $596mln

Aaron Brown
February 1, 2018

Among the best-performing digital currencies of previous year, Ripple has also been partnering its blockchain technology, aiming specifically towards financial services, and has secured a pair of brand-name partners as a result.

"But if Bitcoin's price were to collapse and enter a bear market like in 2014 to 2015, one would wonder if Samsung would stay with this line of business through such a turn".

He expects ethereum to become the dominant cryptocurrency this year. And the value of Bitcoin has been cut roughly in half compared to its all-time high in late 2017.

South Korea has been at the forefront of pushing for broad regulatory oversight of cryptocurrency trading as many locals, including students and housewives, jumped into a frenzied market despite warnings from policy makers around the world of a bubble. There is a difference between banning and regulating, which is more likely.

Bitfinex is an online platform that enables traders to buy and sell virtual currencies such as bitcoin and ether. Consequently, cryptocurrencies moved sideways in the last two weeks.

This could be significant, as estimates indicate that Stellar could process 60 percent of all cross-border foreign exchange payments in the region by the end of the year.

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Got questions on Bitcoin, Ethereum, Ripple or BitConnect?

Earlier, the price of Bitcoin fell from its GMT open of nearly $11,300 to just over $10,200, according to industry price website Coinmarketcap. 'As an asset, we valued Bitcoin using a cost of production approach and a store of value approach, resulting in values of $2,161 and $687, ' the firm asserts. It has a market cap of about $109 billion, according to CoinMarketCap.

January started with FUD ("fear, uncertainty, doubt") coming out of South Korea regarding how legislation was being prepared to ban cryptocurrencies entirely.

Cryptocurrency mania seems to be ending. Following the news, Ethereum was hammered dropping down to 1,110, but rebounded to settle in down 9% on the session at 1,212.

Tax evasion and money laundering are not going to be accepted by Governments around the world and the true future of Cryptocurrency is not dependent on criminals and money launderers, some crypto houses like G-BiT have seen the writing on the wall and build a system that is compliant with worldwide Anti Money Laundering and Tax Laws. Founder Justin Sun tweeted that the company behind Tron "will announce our partnership with a very prestigious public company next week, ' indicating that ambitious plans are afoot for the cryptocurrency solution". And with important support levels in sight, the market remains on edge.

Other reports by Free-Prsite

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