South Korea To Ban Cryptocurrency Trading, Raids Exchanges - Markets Down
Yesterday was a turning point day in South Korea, at least form a cryptocurrency point of view. As Reuters reports, police raided a few exchanges, including Coinone and Bithumb, two of the largest, if not the largest exchanges in the peninsula.
South Korean ministry of justice, Park Sang-ki, declared the government is preparing a bill to ban trading on domestic cryptocurrency exchanges. The main concern seems to be what they called "herd" behavior:
“Virtual coins trade at a hefty premium in South Korea, and that is herd behavior showing how strong demand is here,” Park said. “Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out.”
As you may expect after such news, a panic sell ensued and the entire market is in red. But more on that in my daily market snapshot, in a few minutes.
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Nothing to worry I think. Even though China banned the bitcoin but it still rallied up. Blockchain technology is gonna change the world very soon.
I'm optimist too. This thing rocks so much that can't be stopped.
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this is the reason...i was shocked when i saw this..
wow! The fightback has started huh?
Its cnbc fake news.
https://mobile.twitter.com/cryptomanran
I trust Reuters far more than I trust CNBC, so I linked the Reuters report. It's not yet clear that they will ban the entire trading, or only "anonymous" trading, hence implementing KYC and AML. As always, panic is greatly exaggerated, but part of the news is true.
Ah, didnt notice the source, thought the news come from cnbc. Anyway Koreans are reporting that gov will be banning exchanges that dont operate under new law. The rest will be just fine. China bans bitcoin is so 2015, we need SK now ;)
Some trends that will make bitcoin go down and eventually everything going down.
Just after coinmarketcap removed the korean exchanges from their averages. Coincidence?
EXCELLENT Observation @BuilderOfCastles...
NOTHING of Great Consequence on this Planet happens "accidentally" nor is a mere "co-incident"
Everything on this planet is "inter-connected"... in my humble opinion... based upon almost 40 yrs of financial experience, as a semi-retired Investment Banker.
Make no mistake, the very "life-blood" (sucking) of the Global Central Banks is at stake...
The Global Central Banks are 1 of 2 of the primary causes of both poverty AND scarcity on this planet for the sake of Power, Control + Global Dominance. The current unholy alliance (collusion) between the Global Central Bankers and another powerful aspect of control was instituted around 1900 between M.A. Rothschild & J.D. Rockefeller.
AND... Thankfully, there is not only a Global Awakening taking place regarding Bitcoin, Blockchain Technology .... but there is a very subtle, quiet, gentle yet immensely powerful form of "grace" that is Up-Lifting all of humanity at this time... on many, many different levels...
Thank You Again Builder of Castles... AND Thank You, of course to @DragosRoua !!
Cheers !!
bitshares decentralised exchange is where to move money to be safe
He really said "herd" behavior? Lol.exe
It's a great opportunity to buy some crypto currencies at good prices right now.
I think everyone is watching this one. I've heard some reports that what we are being told as news in the states is not the full story in South Korea. This should be an interesting week regardless.
I have read a couple reports about this. I don't think they will make it illegal. This is probably just a precursor to heavily regulating the sector.