After causing cryptocurrencies to crater last month, South Korea has surprisingly helped Bitcoin turn things around.
Bitcoin surged and stabilized yesterday after a South Korean regulator hinted at a lighter regulatory touch from the government, a marked departure from their warnings at the start of the year. Here’s Reuters:
The regulator said on Tuesday that it hopes to see South Korea – which has become a hub for cryptocurrency trade – normalize the virtual coin business in a self-regulatory environment.
“The whole world is now framing the outline (for cryptocurrency) and therefore (the government) should rather work more on normalization than increasing regulation,” said Choe Heung-sik, chief of South Korea’s Finance Supervisory Service (FSS), told reporters.
Following Choe’s comment, Bitcoin prices climbed to a three-week high of $11,160. It has since dropped to $10,481.14 thanks to Bangladeshi police that are “on the hunt for bitcoin users,” but it’s well above the $5,920.72 it posted early this month.
Tough oversight over illegal cryptocurrency trading however, will remain in place in South Korea.