Earlier today, on September 29, the price of bitcoin and Ethereum declined by nearly three percent and seven percent respectively due to the South Korean government’s ban on domestic initial coin offerings (ICOs).
Cryptocoinsnews reported that the South Korean Financial Services Commision (FSC) officially announced its short-term plans of banning “all forms” of ICOs that are conducted by companies within South Korea. While there still is confusion in the South Korean community in regards to the statement of the FSC, at this stage, local investors are still allowed to invest in foreign ICOs.
Bitcoin and Ethereum Price Recover Swiftly Due to Japan
Japan has evolved into a powerhouse in the global bitcoin and cryptocurrency markets. The country’s largest electronics retailers, airlines, hotels, and store chains have already integrated bitcoin as a payment method and have used the cryptocurrency for many months. In terms of mainstream adoption, no other region in the world comes close to Japan.
