Digital coins post new slump

Posted 22 January, 2018

New selloff round has started on the crypto market amid tougher trading rules on Monday.

On the Bitfinex bitcoin changed hands at $10,514.00 today. The previous session top-price was recorded at $11,886.00.

Following BTC, Ethereum fell in price to $960.9 (13% down) over the same period. The Ripple price on the Poloinex dropped 14% to $1.21. The previous session’s decline was related to the statement that the number of Indian banks blocked accounts of crypto exchanges to stiffen trading rules. The list of banks reportedly includes The State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank.

According to the weekend reports, Seoul plans to bind crypto exchanges to provide clients transaction data. For that purpose, it is planned to launch a corresponding system at banks. As a result, with this step, the government will be able to charge taxes on digital coins.

Moreover, this year Seoul intends to set local income and corporate taxes on crypto exchanges at 24.2% this year, as local mass media reported.

For reference, South Korea is among the key markets for cryptocurrencies, including bitcoin and Ethereum, but the trading is highly speculative here and prices are very often much higher than elsewhere.

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