There’ no doubt that Bitcoin remains the king of all cryptoassets. Even though its value is on the lower side presently due to numerous factors, Bitcoin had seen a whopping rise in its price last year. This was partly because the financial regulators in South Korea decided to amend its earlier aggressive stand against cryptoassets. South Korea had previously been thinking of completely shutting down the cryptoasset exchanges when 2018 had just begun.
Yonhap, the South Korean news agency recorded the governor of Financial Supervisory Service of South Korea, Choe Heung-sik as saying that only in case of normal cryptoasset transactions, the government will extend its support towards cryptoasset. Although Reuters wasn’t exactly able to verify the aforementioned report, this was what was heard. This stance of South Korea didn’t only affect Bitcoin but other cryptoassets as well.
Due to varied regulatory measures adopted all over the world — Nouriel Roubini declaring Bitcoin as the “mother of all bubbles,” India’s Finance Minister Arun Jaitley calling the cryptoasset market ‘a Ponzi scheme’ and Robert Shiller (Nobel Prize winner in Economics) declaring that Bitcoin could never become a part of the normal financial cycle; Bitcoin’s graph kept going down at the start of 2018. Now, South Korea plans to accept cryptoasset payments across at least 6,000 outlets! This change of stance and all other statements fading into thin air, Bitcoin regained its strength, with its price reaching to twice of its initial value.
South Korea explained the reason for shutting down of cryptoasset exchanges. It said that all the people, apart from investors — students and housewives had entered the cryptoasset market hoping to become rich quickly. This could be a risky affair as these people with partial knowledge about the cryptoasset market could end up losing all their money or even get sucked into a scam. South Korea, however, just decided to adopt a few regulatory measures instead of imposing a complete ban on the exchanges. This was quite a supportive stand by South Korea and was quite relieving for the investors as the issue had been the reason behind fluctuation in the cryptoasset market.