Seems like an assault on the overall blockchain based cryptocurrency. What we are seeing a severe backlash, however, the technology works, and will be the wave of the not to distant future.
Like any fiat currency and its valuation, a lot depends on the trust placed in it. What remains to be seen is will the current crop of coins last the turmoil.
The South Korean government, through Justice Minister Park Sang-ki, has announced that the nation will be issuing a ban for trading cryptocurrency on domestic exchanges. The proposal comes as Bitcoin prices brought about turmoil in the virtual currency market after tax authorities and national police raided domestic exchanges on what was referred to as alleged