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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I hope it wont start happening in another countries...
It will actually start happening everywhere and it´s a good thing as this will stabilize the markets and allow companies to build their business on solid grounds. Regulations can´t be avoided but the faster that topic is completed the faster we can see mass adoption happening.
Very true! Early days are where you can make a ton or lose a ton by sheer timing and luck. When regulators come in things stabilize and big money will pump through the surviving innovators!
Solid update and point of view on the situation. At least the FUD gave us a buying opportunity :-)
Yes!!! What a great time to buy and see such a quick rebound. As soon I a saw it was regulations and not a “ban” I started buying.
South Korea will be a crypto leader. They won´t ban it!
FUD is always a good thing for the experienced ones among the cryptosphere to buy more coins :) Red days are good days :D
South Korea being one of the countries at the forefront of this movement on cryptocurrencies and decentralization needs to have a solid sharp but equitable regulations on this booming blockchain industry .
After the regulations are clear and this topic gets closed we might see further growth and solid businesses emerge there :)
cryptos is big business and most goverment will find a way to cash in than ban it, the Koreans and japanese are doing this very well and Russia has also joined in to maximize on the coins, the future is here
Why should they ban it as long as they can control it through regulations and collect their taxes normally. Cryptos are here to stay and one day they might lead to a revolution :)
@steembusiness I think Cryptos bring FREEDOM back to the everyday person. Govt's. hate the People prospering. If you don't think so ask yourself why so FEW have all the Assets in Control ?
Well is it really different in the cryptosphere? Who´s owning all the Bitcoin out there or the majority of other coins? The distribution of wealth isn´t really different but the way we can use and handle it is!
If the South Korean government has any foresight, they will embrace blockchain-powered cryptos. Why lose their economic competitiveness to their archrival Japan?
Exactly, they just want to secure that they can get the taxes and that people can´t screw each other over. That´s all and it´ll happen everywhere sooner or later.
I'm Korean. There have been so much FUD in South Korean society before the crypto boom. Everybody wants to be rich, but there are no way to achieve. Suddenly the crypto market emerges. People can have hope through it. But the government, which does not want the people to be rich, thinks only regulations and bans. Yes. they're going to fully ban this cryptos, And they will fail.
I don´t think they will fully ban it and I think they even don´t care about some people getting rich as long as you pay your taxes ;)
I have noticed alot of other countries finally diving in, great news
good job dear @steembusiness
I like it..your post dear
awesome post dear very good
I love the kind of solidarity shown by the Koreans and wish this would be duplicated in many countries worldwide.
Dont get suprised by the rules and regulations of korea. Korea has great influence in international level and the reward goes for the military actions which seems to have attention of world community.
nice article...thanks for sharing...
korea make most of crypto down...so powerful
regards
@azmielbanjary
the rules or regulation in korea is strickly hard but i like the most becouse discipline ie properly managed
nice post dear
I think most of the steemit community knows better than to FUD. I was just s little disheartened cause some of my coins were getting really hot and it killed the momentum. And now eos is up, I wanted to wait til they peaked and sell off for eos, but it seems I missed a good chance. Such is crypto! There will be other chances!
Today was a beautiful day after the recent red sea... Only wish I had bought WTC... at least EOS did decent ;)
Haha I thought so many times already. Don´t even bother regretting as there are so many missed opportunities out there every single day...
I know, I can't even keep track, not even worrying about it now that I'm on vacay. Go NEO!
These korean are doing the same this which chinese did in past .They just want to collect a nice tax on crypto market.
"...this is good for bitcoin" : )
I found it hilarious how all of this unfolded. Even though there's still some cloudiness that has yet to be resolved, I don't believe it's reasonable for them to outright ban trading like other major countries such as China and Indonesia have done. There's too much of an economic incentive for them not to regulate.
Did you guys notice the difference in https://coinmarketcap.com/ & http://www.livecoinwatch.com/. The former has changed its algorithm to exclude korea I think which explains the difference.
I am confident that blockchain is the future and no country or law or regulation will be able to prevent that, but the real secret is not being able to prevent that, the real secret is that this economy shift is actually wanted and was the plan since late 1990's !! So rest assured, the elites will go through the plan, and the whole world will move into crypto's , not Korea and not any country will be excluded from the list, however certain limitations and regulations will be strict in some countries like Korea, there is many secrets in Korea, they cant connect them with the rest of the world easily without being caution... thus many games will occur there but the result is inevitable.Korean's know what I am talking about.
The market cap which is taking 5% of the worlds economy, will easily reach 10% by 2019 and 25$ by 2020 and 50% by 2022, imagine 1 quadrilion from the 2 quadrilion world economy gets shifted to crypto....
now tell me bitcoin wont reach 500,000$... not tell me steem and other coins wont most of them exceed 500$.... you have no idea where we are going to... but people like me do !
Good luck
Music to my ears. “More investors jumping in not out”.