Bitcoin Cash is gaining some altitude right now, for its price has gone upwards, recording a BCH/USD exchange rate of $ 1500 per coin.
The world’s third-largest cryptocurrency in terms of market capitalization, has shown a upgoing trend in the last days, when it finally managed to take off from the $ 1100 floor and rally towards the sky, having reached to $ 1753 in the evening of this November 24 (UTC), just to lose some momentum and keep waving withing the range of $ 1500 – at press time –.
Market has shown to be pretty much active for this cryptocurrency. More than USD 4 bln was the volume registered in 24 hours some days ago. Possibly this is due to large sums invested in South Korea, specifically, in Bithumb – one of the largest cryptocurrency exchange in that country –.
No plans on regulating Bitcoin market
Looking at this, such investment value seems to come after the head of a financial regulator and watchdog of this Asian country recently announced they have “no plans on regulating Bitcoin trading or supervising Bitcoin exchanges”, at least until that cryptocoin is deemed as “legitimate currency”.
According to a post from local newspaper Korea Times, Choe Heung-Sik, chief of South Korea’s Financial Supervisory Service (FFS) said that, though they are monitoring the practice of cryptocurrency trading, they don’t have plans right now to directly supervise exchanges, coming only after the legal recognition of digital tokens as a legitimate currency.
He continued to justify his decision adding that the government does not classify digital tokens as payment tools, but rather as subject of speculation instead, thus negating any possibility of being regulated as a financial product or service.
Some weeks before Choe’s pronouncement, an outage caused by a failure in the server of Bithumb – world’s largest cryptocurrency exchange by trading volume, with a branch based at Seoul – lead a one and a half hour blackout.
During this incident, a lot of investors have claimed loss up to hundred of millions of won (South Korea’s official currency), which motivated more than 6,000 people to join in order to fill a class action lawsuit against the exchange.
However, lack of regulation on the cryptocurrency trading have made this country an attractive market for foreign exchanges like Japanese Bitpoint and Chinese OKCoin and Huobi, with the first one having a branch ready to initiate activities in that nation, and the latter ones working on establishing their respective branches.