“Clear Speculation” Boosting Bitcoin, Ethereum amid ICO Boom: South Korean Officials
The soaring gains made by cryptocurrencies such as Bitcoin and Ethereum in recent times are based on speculation rather than investment, according to South Korean government officials.
In a meeting on Sunday, June 18, South Korean government agencies and financial regulators discussed the rising prices of cryptocurrencies. The local bitcoin industry remains unregulated, despite government authorities talking up the introduction of regulations this year from late 2016.
According to regional publication Business Korea, officials from financial authorities have pointed to market speculation driving up the value of cryptocurrencies, rather than investor-driven interest. Further, they also point to companies offering tokens via ICOs (initial coin offerings), which have proven to be enormously successful crowdfunding models powered by cryptocurrencies.
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https://www.cryptocoinsnews.com/clear-speculation-boosting-bitcoin-ethereum-amid-ico-boom-south-korean-officials/
