South Korea to Regulate Cryptocurrency Trading: Bitcoin Moves Down by 11%

On Thursday Bitcoin dropped down reaching the point of $13,600, which is the latest rotation after last week’s sell off. After that bitcoin moved back to $14,230.

South Korean government is going to implement new rules for regulating digital currency trading in the country. It is the main hub for bitcoin rotation.

Under this new rules anonymous trading accounts would be forbidden and legal authorities could have an ability to disable cryptocurrency exchanges.

The Korean local agency informed that earlier on Thursday the country’s financial regulation agency reported about bitcoin bubble, which will burst later.

Still, not everyone is spooked by the tougher rules.

The CEO of trader BitSpread Cedric Jeanson told CNBC on Thursday that the action is positive and normal for regulators.