>> As threats of a possible ban on virtual currency exchanges loom in South Korea, some old hands in one of the world's biggest trading centers aren't fazed, saying restrictions wouldn't be hard to dodge. Reuters' Mario Saharia has been speaking to experts who spelled out just how easy it is to bypass a ban.
>> Well the first thing you kind of need to do is get yourself access to virtual private network, right? VPN which is doesn't require too much effort to do. And that's gonna hide your IP address from the authorities. Then you can actually trade your cryptocurrencies on decentralized exchanges.
You're gonna exchange a string of numbers and letters for another string of numbers and letters. And there's no need for identification.>> Despite the cryptocurrency market losing a third of its value this week, that's $200 billion, experienced investors are used to roller coaster rides. In September, China shut down of local exchanges saw a 50% drop in Bitcoin, which then rebounded eightfold to almost $20,000, now valued at around half that.
Some say Bitcoin could be poised for a similar whirlwind this time around as people set their sights overseas.>> Experts in cryptocurrencies are saying that trading has since picked up in places like Japan and Korea. And they're expecting some kind of development to happen after any move by the South Korean government.
With the centralized exchanges accessible from anywhere, cryptocurrency wallet means traders can continue business as usual. If authorities want proof of such activity, they may need a warrant to check computers or smartphones, even then, unless they caught in the act, the holder can deny any wrong doing and simply claim they forgotten their password.