The coins will be auctioned off in blocks of 500, 100, and 813, obviously the smallest amount you could potentially purchase would be 100 BTC. As of this writing, that would be roughly $1.409 million, though it’s not clear whether the government auction will fetch prices below or above where the cryptocurrency is trading on other exchanges.
This is not an open auction and bids are secret, winners will be notified on January 22, the agency says.
The price of bitcoin was down roughly 5% Thursday as many cryptocurrencies fell, also South Korea’s government said on Thursday it plans to ban cryptocurrency trading.
Accoding to Justice minister Park Sang-ki, the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.
There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges
According to a press official at the justice ministry — The proposed ban on cryptocurrency trading was announced after “enough discussion” with other government agencies, including the nation’s finance ministry and financial regulators.
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.