The future of Bitcoin in South Korea
Two days ago, Korean government made an announcement about "Bitcoin of South Korea. I would like to write this article for my friends who do not read Korean. I personally think that if you cannot read news in Korean language, you cannot be sure about the truth of "the future of Bitcoin in South Korea". However, in this article, I also include my personal opinion about "Bitcoin of Korea".
In their announcement, Seoul said that they are very afraid of
'Kimchi premium of Bitcoin'
( I would like to change this term into "Korean premium, because this term doesn't sound good.)
Anyway, Ministry of Justice in Seoul also suggested they wanted to make a law of driving out
all kinds of 'virtual currency agencies'.
As you already know, the price of Bitcoin in South Korea is more
expensive than that of other countries. Especially, Chinese mining companies have sold their Bitcoin
in South Korea.
Ministry of Justice of Seoul found so many foreigners sold their Bitcoin in South Korean market.
In this reason, foreign money of South Korea was moved into other countries.
Korean prosecutors arrested many Koreans selling Bitcoins in South Korea, which have been mined in China.
So many foreigners have sold their Bitcoins in Korean market, so Seoul is very afraid that Korean Bitcoin market will be ground zero.
Korean government made some regulations on Bitcoin trading in this announcement.
Foreigners cannot trade their 'virtual currencies' in Korean market. I am sure that Seoul will demolish all virtual currency agencies unless 'Korean premium' will disappear.
On top of that, Korean CIA found that North Korean government is using
"Bitcoin" to gain US dollars and other foreign currencies.
Pyeongyang wanted to make money by using Bitcoin, because UN made so many regulation on
North Korean government.
These days many drug cartels and terrorists are using Bitcoin. French government already wanted to talk about that in the next G 20 meeting.
Lastly, these days even many Korean high school and middle students
are trading their virtual currencies.
So many Koreans are crazy about Bitcoin and it is making some problems.
They are called "Bitcoin Zombie".
However, they didn't make any strict decisions this time.
Korean government said that if 'Korean Premium' continue in the future,
all ministries of Korean government will meet next year and make strict regulations on Bitcoin market including plans for demolishing all cryptocurrency agencies in South Korea.
I personally believe that there is no experts of Bitcoin.
Even some great scholars of Nobel Prize winner cannot predict 'the future of Bitcoin.
We are the first generation of Bitcoin.
Nobody is sure about that. Somebody said that Bitcoin is bubble, but other people said "Bitcoin will the future currencies. I don't know what the truth is. They just supported their ideas for their profits.
You are responsible for your all investments.
Thank you for reading my article. Happy New Year.