Just lately Korean officials tried to push further regulations on CryptoCurrency Trading and promptly received massive resistance from thousands of people. Within a few hours more than 30.000 even signed a Petition to fire the Ministers threatening the freedom of Crypto!
Korea has ever since been very bullish on CryptoCurrencies, which can as well be seen at the ways higher prices on Korean exchanges. I don´t like to consider that as irrational trading but rather the exact opposite of actually being aware of the huge potentials of this market and the assets being traded on it.
A few years ago I had the pleasure to stay in Seoul for some time so that I can just confirm myself that Korea is ahead of many other countries in regards to the adoption of new technologies and I doubt that this should have changed at all today! Our friends there simply know what´s going to be our future!
That being said, I really like the resistance the Korean Crypto Community brings up against Government regulations and wish them lots of success in this fight. Anyways I´d as well like to see a fast settlement happening after all so that the uncertainty can perish and Cryptos continue to prosper!
The Korean Crypto "Trading Ban"!
(Source - Bitcoinist.com)The so called "Ban" actually is more an aim to implement regulations and proper guidelines for the CryptoCurrency market in order to ensure trading within the law, protecting investors and enabling the government to collect taxes. So there´s nothing planned to fully ban Crypto trading in Korea after all.
Actually just shortly after the announcement and the huge resistance through the crypto community the National Security Agency Chief Yoon Young-Chan diluted the previous releases through his following words:
“The Ministry of Justice policy is not a definite issue, and it will be determined through coordination among ministries,”
But that´s not even the best as he further states or even confirms that the korean officials believe in a massive growth of this new emerging market:
“Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out,”
So despite some market regulation being imminent and necessary I see a huge future for cryptos in Korea and I fully doubt that they´ll ever do anything to close it down completely. Hopefully no one of you got scared by this recent sell of through this "Korean Crypto Trading Ban" FUD and everyone kept Hodling their coins.
Or Do You Still Think They´re Going To Fully Ban Anything?
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