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Bitcoin Rally Ends as South Korean Lawyers Ask for Crypto Regulation

Published 11/08/2018, 08:39 AM
Updated 11/08/2018, 08:39 AM
© Reuters.  Bitcoin fell on Thursday. - Cryptocurrency prices were lower on Thursday, as South Korea’s lawyers urged the government to pass a legal framework for digital coins.

The Korean Bar Association lobbied the government on Thursday, saying legislation was needed to promote the industry and protect consumers.

“We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies,” Bar Association President Kim Hyun said.

It is rare for the association, of which all local lawyers are a mandatory member, to campaign for interest groups, Reuters reported.

South Korea has said it will decide on blockchain regulation once a current study on the field is complete.

Bitcoin fell 0.50% to $6,545.50 on the Bitfinex exchange, as of 8:38 AM ET (13:38 GMT).

Cryptocurrencies overall were slightly lower, with the total coin market capitalization at $217 billion at the time of writing, compared to $219 billion on Wednesday.

Ethereum,or Ether, decreased 2.20% to $217.42 and Litecoin was at $54.214, down 2.03% while XRP slumped 4.27% to $0.51874.

In other news, Deputy Prime Minister of Thailand Wissanu Krea-ngam wants more regulations on virtual coins. Krea-ngam thinks new measures are necessary both domestically and internationally in order to protect consumer security, the Bangkok Post reported.

"The laws need to be amended in the future so that we can better keep up with technological changes," Krea-ngam said.

On Wednesday the Thai government revealed plans to use blockchain technology to track tax payments. Thailand introduced a regulatory framework for crypots earlier in the year.

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