Cryptocurrencies Extended Gains As South Korea Downplays Trading Ban

Date | 14-02-2018 - 01:50 PM Article Type | Stock Markets Region | United States

South Korea may allow cryptocurrency exchanges to keep operating in the country - Cryptocurrencies extended their gains Wednesday as South Korea’s government signalled it would allow cryptocurrency exchanges to keep operating in the country.

Bitcoin was trading at $8,773.0 by 12:30 am ET on the Bitfinex exchange, up 2.53% over the previous 24 hours

Ethereum, the world’s second largest cryptocurrency by market cap, jumped 2.11% at $860.77 on the Bitfinex exchange.

XRP/USD’s XRP token, also gained 1.1% to $1.02102 on the Poloniex exchange.

Meanwhile, Litecoin surged 14.1% to $178.78.

Hong Nam-ki, minister of the Office for Government Policy Coordination, reportedly said in a video posted on the presidential website that the country’s policy makers would focus on making digital coins’ trading transparent rather than banning it altogether.

Hong then added policy makers would continue to monitor feedbacks surrounding cryptocurrencies and that while an exchange ban is still a possibility, it is not a focus of the government at the moment.

Reportedly, it was the government’s first coordinated response over a justice ministry proposal last December to ban digital-asset exchanges. The more permissive approach was welcomed by the traders and was cited as supportive of the cryptocurrencies’ prices.

Elsewhere, The Commonwealth Bank has banned the purchase of Bitcoin on credit cards as they are not “appropriate. The report came following similar action by large banks overseas recently.

Author: Heng V. Mony
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