Korea government : ICO market frenzy is speculation that has boosted the growth of Bitcoin and the ether square

Babbitt serves the blockchain innovator According to South Korean government officials, the recent growth in the price of encrypted currencies such as Bitcoin and Ethereum comes from speculation rather than investment.

In a meeting on Sunday, South Korean government agencies and financial regulators discussed the growth of encrypted currency prices. At present, the local do dollar industry has not been regulated, but the Korean government from the end of last year has already begun to plan in this area to introduce regulatory rules.
According to local media reports, South Korean financial institutions officials pointed out that the market speculation driven the value of encrypted currency rose, which has nothing to do with the interests of investors. In addition, they also pointed out that the way through the ICO to supply tokens has proven to be a very successful model driven by the encrypted currency.

An unnamed official said:
The recent increase in the price of encrypted currency is speculative performance. This is obviously speculation. In particular, ICO issued the difference between the new currency valuation, it is easy to produce unreasonable gains.

For example, the forecasting market Gnosis based on the etherfront is a typical example of a successful ICO, raising $ 12 million in ten minutes and $ 300 million in April.
At present, South Korea has become the world's largest foreign currency market, daily average bit currency trading volume can exceed 10% of global market share. The country's demand for Bitcoar is growing, the premium reached 10%, that is more than the dollar market, the price of $ 250 higher than the dollar.