Blockchain Names Battered After South Korea Cracks Down On “Irrationally Overheated” Bitcoin
by Tyler Durden
ZeroHedge.com
Thu, 12/28/2017
Overnight saw South Korean financial regulators announce a series of crackdowns on what they described as “irrationally overheated” cryptocurrencies that slammed Bitcoin and the rest notably lower. Since then prices have stabilized but blockchain-based companies such as RIOT, LFIN, and LTEA are all tumbling this morning.
Bloomberg News reported that South Korea will require cryptocurrency transactions to name participants and ban banks from offering virtual accounts.
The government may also direct law enforcement officials to close some exchanges.
“Cryptocurrency speculation has been irrationally overheated in Korea,” the South Korean government said in a statement reported by Bloomberg.
“The government can’t leave the abnormal situation of speculation any longer.”
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