© Reuters. Ripple benefits from MoneyGram partnership. Bitcoin holds steady after regulatory worries
Investing.com – held mostly steady on Friday but was on track for a weekly decline of almost 20% as increasing scrutiny from regulators around the world fueled concerns ranging from investor losses to strains on power systems.
The largest cryptocurrency by market cap managed to take a pause from sharp declines caused by movements in South Korea whose justice minister has been upping the pressure to impose an eventual ban on local exchanges for digital currencies.
Despite the scare, exacerbated by media outlets that went so far as to erroneously claim that South Korea had already implemented the ban, investors may find relief in the fact that, once a bill is drafted, any legislation for an outright ban of virtual coin trading would require a majority vote of the total 297 members of the National Assembly, a process that could take months or even year.
Regardless, Chinese officials calling for the closure of mining facilities have also hit Bitcoin but reports suggested that firms are considering a move to Canada to avoid a potential crackdown.
Also of note, U.S. scrutiny appeared set to increase as Bloomberg reported …
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