South Korea has the right to be proud of what it has achieved in Blockchain technogy. Especially on the economic side. This country is now the third largest strength in terms of volume of cryptocurrency trading, after Japan and the United States of America. So take decisive measures in controlling the cryptocurrency price.
How does South Korea keep its cryptocurrency price under control?
In the interest of any country, whether it be Korea or elsewhere. To be the most invested currency has stability and gravity at the same time. The government allowed about 10 trading platforms to operate, taking the trading area into some control. How?
South Korea has a population density equal to that of California and Arizona. And therefore the number of Exchanges available there plus the need of investors. But when he uses it well, it turns from a curse to a blessing. Where excessive activity has been exploited by entrepreneurs wishing to open companies operating in cryptocurrency. To raise awareness about bitquin, mining, ethrium, and other cryptocurrency. The proportion of Koreans who have knowledge of this area almost as a theoretical figure to 99 percent, and to reach the proportion of investors who have achieved total investment profitable to 85 percent. Even a third of public sector employees, on average, have $ 5,000 in the form of an cryptocurrency.
But how and exactly does the Korean government affect cryptocurrency price somewhat?
This was and still is an object because of two factors: laws and guesses.
- The first influential law in the South Korean market was the codification and clearance of the Bitcoin deal. This led many banks to enter the race to provide Bitcoin payment service and then pay in other currencies. Many experts and investors expected and even required the issuance of a law limiting the large circulation of these currencies. Especially after the discovery of over $ 600 million in banks and trading platforms due to illegal trading. But the government and the central bank have only issued a law forcing traders to disclose their true identities before trading. Thus preventing anonymous transactions. Even after many Korean companies exposed to hacking or at least hacking attempts. The legislator did not make any sharp or narrow decision on the country’s commercial and financial activities.
- The guesses are, as we said about the number of trading platforms, excessive and confusing in making decisions. Making the fuss before the incident raises the interest of people to know what will happen and raise some of the greed of people to benefit from the incident, and the incident here or the incidents that have been and can be repeated, are very high speeds Cryptocurrency price especially Bitcoin. The crazy speculation, which does not know the understanding in Korea, has made the market there superior to all other markets, especially in terms of price. The price of the asset in Korea has always been higher than the rest of the countries by at least 30 percent. As a result of the growing demand, the size of China’s trading volume (a country with more than 1.37 billion people) has stimulated growth, creating a large area and a favorable environment for investment.
The circulation of cryptocurrencies in South Korea and its impact on the overall situation of the global market
Currencies trading in Korea is mostly through default bank accounts. These accounts are less expensive than real accounts and are faster and more efficient in conducting financial transactions. Shinhan Bank, the second largest bank in South Korea, provides virtual accounts and trading services. Trading is in dollars, in Korean or in cryptocurrency.
Here the question arises about the next step of the legislator. Because the continuation of the situation thus encourages the increase of suspicious transactions. Especially investments based on raising the price very quickly and then cut it directly to obtain a large profit margin away from competition. The problem here is that this profit is the result of loss of income in the investment race recently. And there is no need to talk about the currency and its fate and its value will fall to zero directly. As is clear here. So the market still has a lot to achieve stability and South Korea is an open battlefield to win the most intense.
However, contrary to all expectations, the figures that reflect the reality indicate that the public and private entrepreneurs benefit from the enormous volume of cryptocurrency.
To Learn more about the cryptocurrency terms here