After weeks of misunderstanding and panic amongst Korean investors, buyers and adopters of cryptocurrencies fearing a sweeping authorities ban comparable to China, the finance minister has stated that Korea will not aim to disrupt the cryptocurrency marketplace by imposing steep blockades against it. As an alternative, the government intends to impose regulations on the cryptocurrency exchanges.
The Korean justice ministry were trying to push to ban ICO’s (initial coin offerings) following in China’s footsteps but the justice ministry has not been supported by any other government departments.
The official comment of Kim Dong-yeon was as follows: “There is no intention to ban or suppress cryptocurrency” which hopefully can allow the cryptocurrency market to recover as all the recent FUD (fear, uncertainty and doubt) is causing monies to be moved out of the cryptocurrency sector, with the total market capitalization pulling back from $599 Billion on the 29th of January to around $500 billion at the time of writing (31st of January), A decrease of around $100 Billion which is phenomenal.
I hope everyone is holding their crypto positions and not getting swayed by the recent FUD to close their positions as the market will prevail and the shift of wealth to the common man is right on course for this year.
Thanks
P