South Korea Supports Cryptocurrency Trading: Bitcoin Rises
On Tuesday Bitcoin’s rebound continued with the world’s largest digital coin extending gains, as South Korean regulators said they will actively support cryptocurrency trading.
The governor of South Korea’s Financial Supervisory Service Choe Heungsik told reporters, that he wants to see normalized trading of digital assets. He said that FSS is making efforts to that direction. Bitcoin rose 3.7% to $11,470 in London Exchange.
The move caused Bitcoin to double its price from $6000 on February 6. Cryptocurrencies had plunged across the board through much of January amid mounting concern regulators would crack down on the burgeoning industry, but they’ve found an apparent bottom after some well-received Senate testimony from U.S. officials and a more conciliatory tone in South Korea.
Arthur Hayes, the Chief Executive Officer of BitMex, which is a crypto-coin trading platform pointed out:
“South Korea did not ban Bitcoin. We’ve now gone up almost double in the last few weeks, and I think a lot of this is people coming around to the fact that Bitcoin trading isn’t going anywhere.”
According to Choe, establishing a real-name account system and money laundering guidelines will be among the FSS efforts to normalize crypto trading.
“People are seeing governments are not out to ban crypto trading,” Hayes said.