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As promised in my Market Update from today I bring you some interesting information that is coming from Financial Times, as you may know this media Outlets belongs to Nikkei, hence is quite accurate in all Asian related market information.
According to an article released today in regards to the South Korean government looking to ban Crypto exchanges, the population raised last Tuesday more than 200 thousand online signatures in order to ask for a reconsideration on the matter. Even though South Koreans pay a heavy price compared to the Western pairs (30% mark up price in average) they want to be free to choose how to invest their own money and ask for the Government to not forbid the exchanges. According to the original article based on a survey made on the country, a 60% of the respondents have declared to invest or have invested in cryptocurrencies.
Last week the South Korean justice ministry said they were drawing a bill to ban crypto trading, to later the Blue House release a statement indicating that nothing has been decided yet. Now, new rumors are coming out that they may not only ban the trading in those exchanges found to be illicit (either for lack of KYC or violation in the AML side), but also all type of exchange. The last would resemble more to the Chinese type.
In the writers view we are living not only the biggest transfer of wealth in human kind, but also a struggle of the old world, represented by the Central Banks and Mainstream world banking, against a new economy, more similar to the tokenized old ages where each region, town or market would have an specific way to trade and assign value to goods.
We are looking forward to see how the SK government will rule, we agree that there is a growing need to regulate the market, but we are strongly against a prohibition, which in turn would only give more fermentation for the black market to grow, and the normal investor to face even more complications.