Bitcoin Trading: Korea’s Bitcoin Trading Volume Places Third in World, Outclassing That of China | BusinessKorea

Tuesday, October 17, 2017

The Bitcoin trading volume of Korea stood third in the world.
The Bitcoin trading volume of Korea stood third in the world.
SEOUL,KOREA
25 September 2017 - 7:45pm
Michael Herh

It has been found that the Bitcoin trading volume of Korea stood third in the world.

According to Bitcoin-specialized media CryptoCoinsNews and Coin Telegraph on September 24, the daily Bitcoin trading volume of Korea reached 15,408 Bitcoin (about 65.1 billion won or US$58 million) on September 21. The overall market share of the Korean won was 5.55%, weighing those of the Chinese yuan (4.97%) and the euro (4.77%). First and second place went to the Japanese yen (49.13%) and the US dollar (32.73%).

CryptoCoinsNews analyzed that the results stemmed from the fact that "the volume of transactions in China's virtual money market moved to Japan and Korea." China warned of the dangers of virtual currencies early this month, ordered the major virtual currency exchanges to cease operations and banned officials from leaving China.

Korea's virtual currency trading market is growing rapidly despite a “bubble controversy.” The daily trading volume of Bithumb, Korea's largest virtual currency exchange, towered over 2 trillion won (US$1.8 billion), eclipsing the KOSDAQ market’s.

As a result, the National Assembly is taking steps to devise measures to reduce possibilities of crime and security accidents and to protect investors such as the introduction of a virtual currency trading license system. However, there is also concern that if strong regulations such as those of China are made, it can significantly dampen the virtual currency market.

 

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