Is South Korea banning cryptocurrencies once and for all?
There was a major bloodbath yesterday in the Cryptomarkets following two news articles:
- There was news that Coinone and Bithumb, two of the biggest cryptocurrency exchanges in Korea, were raided by the police and Korean tax authorities.
- There was news that South Korea plans to ban all cryptocurrencies in the future.
This is genuine and unfiltered FUD. It's disappointing that one of the news came from Reuters, one of the premier news agencies in the world. Let's go through this one by one.
RAID or NOT RAID
South Korean exchanges have NOT been raided. The article at QZ states that Bithumb was asked for some tax papers, while Coinone was visited by some police officers who think cryptocurrencies are a form of gambling. Since there hasn't been an outright ban on cryptocurrencies, this police officer was most likely acting on his own - possibly for a shakedown or a bribe.
A proper raid on a multi million dollar operation would involve the Korean secret services, and Coinone or Bithumb would be shut down. This wasn't the case. And rest assured, because the Korean government isn't acting to ban cyrptocurrencies.
Disagreements In the Government
South Korea is not going to ban cryptocurrencies anytime soon. These is confusion within the government regarding what to do with the coin. The younger part of the government favor cryptocurrencies, while the older, more conservative politicians struggle to understand the cryptomarket. Look at this tweet from Joseph Young regarding the FUD:
Conclusion? It's all going to be okay. South Korea isn't against cryptocurrencies. ICON (ICX) is being considered for integration into the Korean government systems. Ripple and Stellar are being integrated into Korean banks. TRON (TRX) is considered for use in Korean TV stations.
Keep Calm, Keep Investing.
There's been plenty of indication that they're not shutting down exchanges.
The government seized these servers to find some of the biggest tax evaders in korea last I heard.
This is correct. Cooler heads prevail.
Just FUD, I wouldn't worry too much about it. Yet the market has been on downward trend today, might look into snatching up some more coins.
That's how I'm approaching it as well. Doubling down on TRON and XLM.
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At the same time the folk boom was happening, the civil rights movement was happening, the anti-war movement was happening, the ban the bomb movement was happening, the environmental movement was happening. There was suddenly a generation ready to change the course of history.
if we speak reality,
s. korea is just a settlement around us army bases.
list of people who can issue any kind of order to their government is long. and many businesses and interests are hurt or getting hurt by cryptos.
lets not pretend theres any sovereignty in their decisions. thats kind of show for TV people.
I don't appreciate the racist sentiment regarding South Korea.
what racist sentiment?
"s. korea is just a settlement around us army bases."
hows that racist?
That map says nothing about South Korea as a country. You seem to think that Korea was built around the US bases.
South Korea is a country that has its own people and its own culture. You're insulting the entire nation of people by degrading them as "settlements".
Your post is not about korean people or culture.
I am talking about sovereignty of state of South Korea which is in obvious condition ^^ and about their power to handle such great game they are having with cryptos.
And i seriously dont understand how
settlementsare insulting and degrading. Or racist^prejudice, discrimination, or antagonism directed against someone of a different race based on the belief that one's own race is superior.thats racism.
now as you are familiar with it, use it more wisely please.
Oh, you know how to look up definitions. Good for you.
You are assuming that your opinions are facts. Your opinion is insulting. Your insinuation that Korea is a few campsites around US army bases is insulting.
Racism isn't defined only by hard definitons; it is also found in the way it affects the offended race. Now that you know, stop being a tool.