Bitcoin (EXANTE: Bitcoin) was being traded at around $8,500 in South Korea, when the Bitcoin price reached $8,300 earlier today, Cryptocoins News reportd.
When the price of Bitcoin recorded a slight correction and fell to $8,150, the $8,500 price remained in South Korea, as more traders rushed into invest in Bitcoin.
The South Korean finance industry tends to follow the trend established by other leading regions like the US and Japan.
For instance, the report on JPMorgan’s plan to trade Bitcoin futures upon the launch of CME’s bitcoin futures exchange on December 11, was relayed by nearly every mainstream news publication within South Korea, further increasing the demand for Bitcoin from the public.
More to that, the report of Choe Heung-sik, chief of the Financial Supervisory Service (FSS), revealed that the South Korean government will not impose strict regulations on cryptocurrency exchanges in the foreseeable future.
“Though we are monitoring the practice of cryptocurrency trading, we don’t have plans right now to directly supervise exchanges. Supervision will come only after the legal recognition of digital tokens as a legitimate currency,” said Choe.