Bitcoin Plunges as South Korea Tightens Restrictions

Budget Expectations from Blockchain and Cryptocurrency Committee

Tax authorities in India were also forced to take action after learning that $3.5 billion worth of cryptocurrency transactions took place during a 17-month period. However, they are still not hacking proof as cited in various incidents, most recent amongst them is the attack on crypto mining service Nicehash where hackers stole over $60 million in users' funds.

As cryptocurrency mania continues to grip South Koreans, the government announced that it would oblige crypto investors to use their real names for investment accounts. Authorities would inspect the banks to ensure they take all necessary measure to prevent transactions from cryptocurrency exchanges in case customers' information wasn't provided. The new report from Recorded Future also associates this hacking attack with North Korean hackers.

In South Korea, where cryptocurrency trading has become enormously popular, the government has said it is still considering an outright ban.

After reaching nearly $20,000 in December, bitcoin dropped below $10,000 last week on worries over the possible ban on cryptocurrency trading in South Korea.

"[Banning cryptocurrency exchanges] is not realistically possible".

South Korea has been weighing whether to shutter local cryptocurrency exchanges, while a China central bank official said centralized trading of such digital assets and related businesses should be outlawed. He also added that minors and foreigners will be banned from trading and that these rules will be enforced starting January 30, 2018.

"Nobody, including the government, guarantees the value of cryptocurrencies", Kim said.

The digital currency climbed to $11,358 in midday trading, up 13.9 percent from a low of $9,972.29 hit early Tuesday morning, according to CoinDesk's bitcoin price index, which tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex. The country has one of the world's biggest private bitcoin exchanges, with more than 2 million people holding bitcoin.

South Korea lawmakers have confirmed cryptocurrency exchanges will become de facto legal January 30 as they enact new laws about anonymity in trading. Cryptocurrencies could see major price fluctuations in the coming weeks and months as countries gear up with new regulations.

All that made the Bitcoin price fall dramatically at the end of 2017.

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