Any rule on Bitcoin must be global, Germany's central bank says

Any rule on Bitcoin must be global, Germany's central bank says

Bitcoin slid on the latest news, trading as low as $11,191.59 (roughly Rs. 7.17 lakhs) on the Luxembourg-based Bitstamp exchange, down 18 percent on the day, for a short period putting the digital currency on track for its biggest one-day fall in three years.

Finance Minister Kim Dong-yeon said in an interview with local radio station TBS that banning trading in digital currencies was "a live option".

If the bill is eventually passed by the National Assembly it would be very bad news given that South Korea is the world's third-largest market for cryptocurrencies.

If Bitcoin trading is banned, it would take out a significant chunk of trading volume, resulting in an even bigger pull back.

Last month, the Indian Income Tax Department raided bitcoin exchanges across the country, seeking to identify cryptocurrency traders. Its market capitalization declined to almost $2 billion, down significantly from the $327 billion it hit on December 17.

All other major cryptos had a similar fate during Tuesday trading, including Ethereum, Ripple, Bitcoin Cash, Litecoin, and others, with coin owners apparently desperate to dump available stock, as seen in the following table.

Joining China, South Korea is also said to be working on plans to ban cryptocurrencies.

Ice Jam Causes Flood Threat Along Delaware River
Saturday to 20.48 feet at the same time Sunday, as suspected ice jams formed in Wilkes-Barre and West Nanticoke. Sharon Road in Peterborough looks and sounds like a river thanks to flooding from the nearby Contoocook River.

That came amid news that a senior Chinese central banker had said authorities should ban centralised trading of virtual currencies and prohibit individuals and businesses from providing related services.

He added: "The Koreans and Japanese are used to paying a premium of 20 percent or more per coin".

The unspoken power of the lunar calendar on Bitcoin ties in conveniently with another pattern, that of steep corrections precluding further upward price action in the coming period.

"We should expect a great deal of diversity in the way regulators will deal with cryptocurrency trading".

The world's most valuable and famous cryptocurrency has had a miserable year so far, dropping from an incredible high of nearly $20,000 before Christmas. Ethereum, meanwhile, fell by over 20 percent to hover above $1,000 and Ripple is down 33 percent to $1.23 at the time of writing.

In an effort to clarify its proposed tough stance on cryptocurrencies, the South Korean government issued a statement on Monday: "The proposed shutdown of exchanges that the justice minister recently mentioned is one of the measures suggested by the justice ministry to curb speculation".

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