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The Chinese ban on cryptocurrency trading, the possibility of a similar ruling in South Korea and the fear of regulations around the globe were some of the reasons that started the current decline.
However, with the election of Yi Gang as the head of People’s Bank of China (PBoC), the country’s central bank, some market experts believe that the Chinese ban on cryptocurrency trading might be overturned.
South Korean regulators are finalizing the taxation framework for cryptocurrencies and will most likely throw some light on the probability of a full-scale regulation of the cryptocurrencies after mid-June.
This has not deterred the Mayor of Seoul to announce the creation of ‘S coin’, the cryptocurrency of the city. He also wants to encourage the development of Blockchain projects as he foresees the widespread use of the technology in the city.