Gov't to Regulate Bitcoin Market

  • Arirang News

    December 12, 2017 08:28

    A government task force will meet this week to discuss how to regulate the cryptocurrency market.

    Bitcoin's value has increased some 16-fold since the start of this year, when it was trading at less than US$1,000 per bitcoin.

    Korea is on the forefront of the bitcoin frenzy and the world's third largest market after Japan and the U.S.

    After the news broke last Friday that the government means to regulate the digital currency, bitcoin's value plunged some 40 percent over the weekend, although it recovered to around $16,000 as of Monday morning.

    About 3,600 new Bitcoins are mined every day, with about 16.5 million now in circulation.

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