The total value of cryptocurrencies surged past $500 billion last Wednesday for the first time ever. Exponential growth in bitcoin’s trading volume has attracted people without finance or IT backgrounds to the cryptocurrency, creating huge demand for the alternative asset class.
South Korea has emerged as a major player in this space, with local residents becoming engrossed in the mobile-app based trading platforms in the hope of earning quick profits. In doing so, they have ignored the warnings issued by the government. South Korea currently ranks the third in bitcoin trading, after Japan and the U.S. South Korea feels that the wild wave of cryptocurrency should be reigned in and is at present looking forward to regulating the domestic exchanges. It is believed that more than one million registered users trade the virtual currencies daily.
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