News Flash #3 : South Korea Has Banned ICO's With Immediate Effect | Markets Are In Red | Bitcoin Might Remain In Downtrend !!
Well, for a few days market started to recover a little bit. Bitcoin was seemingly rising pretty well until few hours ago and all of a sudden, market again turned red. The reason being South Korea Banning ICO's.
Yes, you heard it right. This is not China. That news became old and now this move of China has been imitated by South Korea's Government.
A few hours ago, a notification came from South Korea's Government that they are banning all new cryptocurrency sales within the country effective immediately.
As per sources, the South Korean Financial Supervisory Services came forward and decided to ban Initial Coin Offering effective immediately from 29th September 2017.
As per Sources, this Statement has been released from South Korea's government:
“We are worried about adverse effects such as increased risk of fraud, The ICO will be prohibited in all forms. ” JoongAng cites Kim Yong-bum, vice chairman of the Financial Services Commission, as saying (according to a rough translation).
When being asked about the spread of this Ban, the South Korean government said that this ban will extend only over ICO's offerings and not on individual investors. Well, another report also suggest that the South Korean government will put some regulations on cryptocurrency exchanges and might also ban margin trading as well as put some regulations of KYC in order to prevent any money laundering activity.
Now, if talk about it's implications over cryptocurrency market, then anyone can deduce that.
Crypto space will definitely take this news negatively, as it always took, and most of the market will turned red which to some extent has already happened.
I don't know what South Korea government was thinking while announcing this ban because after China's ICO banning, South Korea market would be the first to be benefited hugely from the decision. But after this decision, the most of the South Korea market share will reduce.
In case Of Bitcoin & Ethereum Valuation, both will remain in downward pressure for sometime because South Korea accumulates most of the Ethereum's Volume and after this announcement, definitely people will take out their ETH share. Bitcoin will also suffer as it always does.
Conclusion: Please don't panic. Take your investing decision wisely. These type of decision has been taken many times earlier before and every time market recovers eventually. So please remain calm and think clearly.
Thanks for reading ..!!
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What's up with all these asian government! The Crypto space is much bigger than they think and they for sure could never control the whole market!
Cryptocurrency is gaining awarness more and more daily; just wait until it hits the African continent very well, especially when Nigerians, for example, understand the tech and trade. The way I see things, although major shares in the Crypto space come from the asian country, but with unstabilities and uncertainties every now and then like this, the mantle will definitely in a short time shift from them.
Why would the governement wanno control everything! It's not your problem what I do with my money bro! Yea for sure, they are trynno protect the citizen's interest, by avoiding fraudulent ICOs but that's not the biggest fraud, the Central Bank is the biggest fraud and should be monitored, or maybe even banned!
Bang!!!
And it was again a good advise to stay calm and not going into the panic mode. Most of the markets recovered again within a few hours.
They can try to take down cryptocurrency but in the end they will not going to succeed .
This is a good step to stop fraud.
The South Koreans are supposed to be one of the most tech savvy and forward thinking peoples out there. What the hell... sounds like political pressure from Chinese.
stay calm. bitcoin can make its way to the top even a few country ban ICO and other crypto :) thanks for this post brother.
Thanks for sharing ,
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Its so exciting to be on the ground floor. I think most people don't realize how lucky we are to be a part of this as a community. Things of this magnitude are usually only available to the elite. If the power of the community could be harnessed the growth could be exponential