Looks like possibly no crypto trading ban in South Korea after all - Likely crisis averted?
In official news released by the South Korean government, it was confirmed that no cryptocurrency trading ban would be coming now or any time in the near future.
The official translated release from the Korean government can be read here:
“First, the South Korean government will pursue the crackdown on anonymous cryptocurrency trading accounts and will punish market manipulation, money laundering, and fraudulent transactions through joint investigations participated by the local law enforcement and financial authorities.
Second, the cryptocurrency trading ban proposal introduced by Justice Minister Park Sang-ki was a suggestion made by the Justice Ministry on December 28 to bring speculation within the cryptocurrency market under control. The proposal will be discussed and changed by the task force participated by the Ministry of Strategy and Finance, central bank, Fair Trade Commission, and other agencies.
Third, excessive speculation and fraudulent activities will be met with severe consequences. But, the government will support and even finance blockchain technology development.”
(Source: https://www.ccn.com/south-korea-govt-confirms-no-cryptocurrency-trading-ban-market-optimistic/)
Exchanges in the region now optimistic about doing business?
Two of the largest exchanges, Bithumb and Korbit, are now very optimistic about the decision by the government to further regulate the space instead of outright banning it.
In fact, it was confirmed by a person from Bithumb that practical regulations are already being implemented on the exchanges.
According to the announcement, exchanges in South Korea are happy to comply and are saying that they will be compliant with the new regulations and policies in order to ensure the market remains "transparent, fair, and stable."
(Source: https://www.ccn.com/south-korea-govt-confirms-no-cryptocurrency-trading-ban-market-optimistic/)
It is also reasonable to believe that the increased regulations will encourage MORE investment from Korean investors as they feel safer to put their money to work in presumably a safer investing environment.
Did the people's response to the original announcement have something to do with this?
(Source: https://twitter.com/iamjosephyoung/status/952183566531612676)
I would have to say that it probably did.
Any time that you have 150,000+ signatures sign a petition against something you are proposing within the first couple days along with a massive outcry on social media platforms, it is probably a pretty good indicator that you don't have the public's backing.
However, this sets an interesting precedent going forward. It somewhat creates a blueprint for what other investors/traders can do should their country decide to ban cryptocurrency trading.
If they try to ban cryptocurrency, just tell them (in large numbers), that you won't stand for it and there is a chance it might get reversed.
Overall, this was hugely positive for the markets as South Korea was responsible for roughly 10-12% of the total volume of crypto trading, depending on which day you checked.
There you have it, after days of fearful trading in the crypto markets, it turns out it was all much ado about nothing.
Now, the question becomes, what will prices do now that a major headwind has been removed?
I have a guess...
Stay informed my friends.
Image Source:
https://www.ccn.com/south-korea-govt-confirms-no-cryptocurrency-trading-ban-market-optimistic/
Follow me: @jrcornel
This whole Korean FUD episode is a good reminder that the gov. is beholden to the votes, and not the other way around - at least in democratic countries.
I believe the swift voter outrage in Korea sent a very, very loud message to the political class: Don't even think about messing with this growing industry, or you'll be looking for a new job soon.
Exactly. It's always good to see the people check the government, en-masse, when the government is wrong. If only we could see this happen in the USA. Go Korea!
Thank you for posting @jrcornel.
Steemians appreciate you keeping us informed with these updates which explain the volatility of the crypto market especially with regards to South Korea....where there is such fantastic interest in crypto currencies.
All the best. Cheers.
South Korea says it will decide on what to do about crypto exchanges after talks. And we know its bad idea to ban cryptocurrency because cryptocurrency is our future and reliable for us.
We must never forget that all these games about if cryptos will be banned etc are benefiting the big players, simple tactics to move out weak hands and buy cheap coins. I discuss different scenarios in my blog post:
"Game Over For Cryptos?"
https://steemit.com/bitcoin/@benkalashnikov/btc-update-analysis
They are scared that they will loose their control on us.so banning crypto.
They can "ban" cryptocurrency all they want. It's not going to stop the people from doing what they want to do,
Yes, you right cryptocurrency is in our hands.
I don't think even governments are stupid enough to try to ban crypto... maybe I give them too much credit though! lol
And in reply to the article, I don't believe this crisis was real at all, just people panic selling like emotional people do!
I agree to your post, that is good news for all specialy in steemit community that South Korea will still continue the crypto trading
I am afraid, they will they will set a death mark on all cryptocurrencies. China, South Korea and above all Europe and US.
Latest News here in the Netherlands is an article that says that central banks will come with it's own Bitcoin cryptocurrency.
We all should prepare for war, first thing they will do, is close all exchanges. So first priority should be a good safe Wallet. Maybe it's now the time to get some real good latest versions of some cold storage hardware wallets, Nano Ledger or some other.
Just another chapter in the endless Crypto Novel called "Fake News, a tale of manipulation and greed".
Agree the fake news is annoying. It is definitely shaking out a lot of investors. Maybe that this good news for the smart people.
Its all about creating FUD.
Fake? Most likely. But am I the only one who thinks South Korea has a secret internet they use to communicate amongst themselves? How else can we explain an entire countries ability to manipulate any coin at any given time?
They could use Telegram for that, Slack... even Discord. It only takes a few whales to manipulate the market. No need to organize the whole country. (just my opinion)
Agreed. However the method, I’m impressed.
I've gone to numerous conferences, and I wouldn't be surprised if there was a group of whales that had inside news and were pumping and dumping coins based on events before they were announced. Just look at BCH, for example.
I agree with your comments.
Yeah market is a little uncertain at the moment. Talking about this in my new post along with 350% profit potential:
GOLEM - Analysis (350% POTENTIAL PROFIT)
https://steemit.com/bitcoin/@benkalashnikov/golem-analysis-218-potential-profit
Yes agreed - a lot of panic out there...
It because of those shitty ponzi schemes and schemers running in the net without fear, that the goverments are having a hard time contemplating as to whether they ban it or not. Cause what if the money of the people-- I mean what if thousands of USD worth of investment just disappeared without you , and your people knowing as to why it disappeared just like that. We all would feel very terrible and the goverment would would carry the blame over their shoulder, as they didn't protect the right and the welfare of their people.
Scams ruining thousand of investment every year, so to the one's who's reading this I offer you a tip," Check the currencies authenticity,and the length of time it is in service. Do some research if the company is doing fine the course over the years. Be skeptic, expect some risk, remember every investment has risk tied down to it. You just have to minimize the loses and maximize the profits."
"Success is about making the right decision in every step you take."
I guessed this was FUD.
Hopefully this will be good news for the crypto currency investors, cheers for taking the time to inform us. Thanks mike
I see it as good news but I don't have enough invested to move the markets, lol.
I'm not really buying the fear generated over a failing cryptocurrency system. They are being looked at closely by the UN-and the countries that are members- to be used for poverty reduction and overcoming economic and social barriers worldwide. It just seems like a diversion to me to control the excitement.
South Korean government tends to be quite responsive to protests and civilian voices (a welcome change in our time). I think the net result is still greater regulation but the investment opportunity still stands! If anything, I expect SK to start to roll out its own official crypto in the coming year as a means for competition.
Yes I think this also bigtx31