Regardless of how you feel about Ripple
, there's no doubt that the technology is dominating the cryptocurrency market right now. The digital payment network has been adopted by a variety of different businesses across the world. In the coming few days, Ripple - and cryptocurrency as a whole - will see yet another spike in price, similar to what we saw last December.
Why will Ripple's price increase?
Over three million Koreans have created KYC bank accounts, which allow cryptocurrency exchange accounts, according to financial authorities and commercial banks. This comes following limitations on the Korean population's ability to trade cryptocurrencies, after corruption was identified among members of the Korean government. It was revealed that members of the Korean government had been exploiting their inside knowledge of the cryptocurrency markets and were using the legislation implemented against trading cryptocurrency in Korea to manipulate the market and make a profit for themselves.
From 30th January, the country will no longer allow anonymous trading on cryptocurrency exchanges, and members of the population will now be required to sign up with their local bank (who accept cryptocurrency exchanges). So far, while the most popular bank in Korea doesn't support the exchange of cryptocurrency, the second largest bank in Korea has revealed they will be welcoming its exchange.
Why is this so huge?
Previously, South Korea had one of the biggest cryptocurrency trading markets in the world. At one point, the country even owned over 50% of the Ripple market, which is why their return has resulted in predictions of an influx in the demand for the cryptocurrency. Given the scepticism of some traders, it may take some time to see the effects of this news, but over the next few days, it's very likely we'll see an explosion in the price of the currency.
Original Image Source: Pixabay