The finance minister of South Korea has confirmed that the government has no plans of banning cryptocurrency exchanges or trading platforms.
After a few weeks og panic, south korean traders are now able to breathe normally again. The finance minister stressed today that the governmen has NO plans of introducing crippling curbs on cryptos. Instead they are focusing on regulating the exchanges.
Nothing we didn't know of course, but it's always nice for the market to get things from official statements. People who rely on facts knew all along that no government can or should ban cryptos. Because it will always backlash. SK ban cryptos? Ok..but Belarus opens up. One will lose and the other one will win. Of course the South Korean government understands this, but many people in the market are stupid and needs confirmation from governments.
Besides bringing respite, the comment also brings clarity to a barrage of contradicting statements from government officials from multiple ministries who have backed or opposed the ban on cryptocurrency exchanges, originally proposed by Korea’s Justice Ministry. The societal backlash against the proposed ban even saw the Executive Office of the President weigh in on the matter, cooling fears of a blanket ban. Korea has notably followed China’s example in introducing bans for the cryptocurrency sector, specifically initial coin offerings (ICOs).
https://www.ccn.com/south-korea-no-intention-ban-cryptocurrency-exchanges-finance-minister/
I expect a little bit of lag on this concerning trading and prices..but this is bullish news, and I all in all now, we have a lot of positive news and outlook further ahead.
- Belarus embracing cryptos
- Russian investors buying property in Norway for crypto mining
- South korea confirms there will be no ban
- Bitfinex Tether could be a threat, but nothing like MT.Gox, because we have so diverse trading now with hundreds of platforms
Just hodl on a little longer..