Bitcoin price: ‘Impossible’ to totally ban cryptocurrency despite threats from Seoul | City & Business | Finance

Bitcoin, ripple and ethereum were in free fall after South Korea revealed plans to curb crypto futures to crackdown on criminal activity exploiting cryptocurrencies.

Bitaccess co-founder Mo Adam however dismissed concerns, claiming it would be impossible to completely ban bitcoin.

He said: “I don’t think it’s quite possible to ban bitcoin transactions altogether but threats are very common.

“In 2015 China was about to ban bitcoin and we all got really scared. But it didn’t actually happen.”

Mr Adam said the threat of a crypto crackdown was a “recurring theme” in the cryptocurrency market because of its novelty.

But he said past trends showed Government would eventually “come around” and let bitcoin, Ripple and ethereum continue trading.

Speaking to CBC, he said: “This is a very recurring theme in the bitcoin world: when more governments become aware of bitcoin, they get scared but then eventually come around it.

“And then business as usual continues.”

More than $200billion was wiped off the crypto markets because of fears of the cryptocurrency trading ban in South Korea.

Bitcoin, ethereum and ripple have all recovered since the market collapse earlier in the week with Ripple surging in value by 20 percent on Friday to $1.55. 

According to Coindesk, bitcoin was trading for $11,3339.55 at 10.44pm on Friday.

Ripple’s XRP currency was trading at about $0.006 per token at the start of 2017, before a remarkable 12 months saw the cryptocurrency surge to an all-time high of $3.84 on January 4 – an increase of nearly 64,000 percent.

Forecast form a panel of experts predict bitcoin will remain top dog, with a market cap of $597.95 billion, followed by Ripple at $460.00 billion.

This comes as Emmanuel Macron and Angela Merkel are set to launch a joint clampdown on trading cryptocurrencies.

French Finance Minister Bruno Le Maire said yesterday that the two countries will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group.

The European Union has previously proposed treating‎ cryptocurrency markets as a security threat linked to criminal ‎laundering and terrorists.‎

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