SOUTH KOREAN GOV. BANS CRYPTOCURRENCY TRADING? The Reason For the Big Price Drop In Crypto.
Reuters is reporting that the South Korean 'justice minister' announced plans today to ban cryptocurrency trading. No doubt this is a large part of the cause of the recent drop in value of Steem and other coins.
With South Korea being one of the world's most active regions for crypto trading, the implications of this are perhaps broader than we can yet foresee. This follows news a few days earlier that 2 Korean exchanges had been raided by government agents on suspicion of supporting 'gambling' services.
“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park told a news conference, according to the ministry’s press office.
Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.
Once enforced, South Korea’s ban “will make trading difficult here, but not impossible,” said Mun Chong-hyun, chief analyst at EST Security.
“Keen traders, especially hackers, will find it tough to cash out their gains from virtual coin investments in Korea but they can go overseas, for example Japan,” Mun said.
By Thursday afternoon, the Justice Ministry’s announcement had prompted more than 55,000 South Koreans to join a petition asking the presidential Blue House to halt the crackdown on the virtual currency, making the Blue House website intermittently unavailable due to heavy traffic, the website showed.
source: Reuters.
Comment
I recall the talk given at last year's Steemfest in Lisbon which explained how Steem was revolutionising a South Korean culture that has been dominated by large corporations for decades and where truly free creativity and entrepreneurialism had previously simply not existed. Steemit was helping the community to educate each other on how to become less dependent on corporate dominance and I strongly suspect that the threat to these empires is the real cause of the latest move to possibly ban cryptocurrency in South Korea.
Those who are aware of the significance of cryptocurrency as a tool of eliminating criminal oppression of people by their 'own' government have long been aware that the criminal gangs in charge of many governments will do whatever is necessary to try to stop cryptocurrency thriving. I suggest that all South Koreans take notice and ask penetrating questions of their own government and national situation. Rather than assuming that governments 'have your best interest in mind' - start by theorising that perhaps they have been taken over by criminals who actually seek their own wealth, domination and control.
Wishing you well,
Ura Soul
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I'm not surprised.
The Sth Korean and Japanese governments are puppets of DC.
Wall Street banks have the most to lose if crypto's supersede fiat currency so they will poke their puppets in Washington to do anything they can to control the narrative. There has been a decent dip on this news which isn't over yet however it'll be good for the market eventually as the Korean exchanges were overpricing the coins.
It's going to be a long drawn out battle but I'm confident crypto will win.
Cheers mate.
Crypto is the future currency and no government can ban it for always. This problem will solve soon and steem will appreciate again. Thanks!
Tragic to see governments worldwide show their true colors when faced with Bitcoin and the possibility for revolution it poses.
Same thing happened to the markets when the topic was hot in China last year, and we'll continue to see fluctuations as the established powers try to resist and retain economical control over the masses.
It's up to us as users of Cryptocurrencies and Steemit to raise our voices and expose these shady dealings.
We'll steem on!
Yes, I agree, that this appears similar to the case with China. Often such 'leaks' occur to measure the reaction of the population and may or may not bare any relation to actually intended policy!
Very true! I also believe many government officials and big media executives/shareholders around the world have high stakes in Crypto - it wouldn't surprise me that some of those news and outrages we hear about Crypto on a daily basis are just ways to manipulate the markets.
On what basis are they planning to ban cryptocurrency trading, its an industry now there are many company dependent on this, so I don't understand how this can be classified as gambling, its more similar to a stock market.
technically all trading is a form of gambling is it not? they will always invent reasons to eliminate what they don't want to thrive.
Yes, it is related to it but not exactly gambling so if they are shutting the exchanges down they should shut the stock market down as well because in this you don't just depend on luck but technical analysis is also used to predict the outcome of the chart then you can invest in it, its on the investor whether he/she wants to risk their money based on their calculations or not.
I agree, that technically the stock markets are also a form of gambling and they should, if being honest, shut down the stock exchanges too - but that is my point here really, they aren't being honest and they rarely are!
Yes, I bet its one of those price manipulating stunts that they are pulling so they can get the governments share into bitcoin especially since the announcement of the Petro from Venezuela .
@ura-soul
It is tragic that the powers that be find it necessary to control and remove the freedom that crypto is in the process of giving so many people who have been enslaved by a system that does not serve or support them.
In many cases, the enslavement is caused by the people who run the system - the enslavement is not a mistake from their perspective.
True, just infuriates me that goverment and institutions alike and of course the super wealthy feel the need to cut the throats of the majority of the people around the world.
They have been given the chance to correct the wrongs and spread the wealth countless times over centuries and it is their approach to "feeding" the world, poorest of the poor etc. is obviously not working, or rather it is working, but in their, the minorities favour.
I have seen so many great heart warming stories of people in crypto and on @steemit, who have managed to scrape together a living and feed themselves and even their whole village just by using these platforms. So why do they find the need to stop this?
I am not naive to think that there is not corruption even within crypto and also these platforms being used for unsavory dealings but then they should go after those particular areas of concern, as this type of activity is not exclusive to crypto but just general human nature, as there will always be bad apples regardless of the platform being used.
just my thoughts, lol did not mean to get all heated. :-) anyways I do hope they find a better solution other than blanket banning a community that fundamentally is used to uplift.
stay blessed...
Thanks, yes, these systems can help a world that is dominated by pyramid power structures - but it cannot be overstated that the situation of scarcity and starvation is fully intended by those who design the systems - their decisions mathematically prove that to be the case. They often see themselves basically 'farmers' of humans and continually seek ways to 'thin the herd' - such as world wars and other chemical methods.
Disappointingly true.
The ordinary guy in the street needs to try to accumulate as much of the crypto on offer to keep "them" from gaining a controlling share.
It is for that very reason I do not support Ripple (Banksters) and Bitcoin cash (Gangsters) as a matter of principle.
Have a great day
Happy @steeming :-)
Oh, I was not aware of Bitcoin Cash being anything to do with Gangsters - but since it's mostly anonymous, it's hard to prove either way sometimes.
if south korea has been banned from doing crypto transaction, I think the same as your opinion. the value of crypto in the market will be far down for a while. but there is a possibility that they will move to China or Japan to withdraw their funds and subsequently convert to their country.
@ura-soul
The S Korean Ministry of Finance has reversed the S Korean Min of Justice and made an official statement saying it won't ban Cryptocurrency trading!
Just a big FUD, driving the markets down.
https://steemit.com/cryptocurrency/@mgood/s-korea-will-continue-trading-cryptos-ministry-of-finance
Remember to HODL! :-)
Oh Wow! great news, wonder who ended buying up bulk crypto hmmm.
I think it is an easing into more govt control and regulation. The main reason - taxes. The gov't wants it's cut of the profits made in the crypto-field.
True :-/
SOUTH KOREAN GOV. made a big mistake. Cryptocurrency will rise again.
The present coin market situation in South Korea caused a temporary collapse with the ridiculous regulation remarks of the Ministry of Justice. However, a few hours later, the government said that the government has not decided yet. But this atmosphere will not continue. We just want to regulate good and secure transactions, deny that we are treated as criminals, and many people around us are keen to invest in encryption.
Great article!!! :) I'm sorry, my SP is less than $0.01 so my upvote won't mean anything for you. And yeah, I am new in steemit so if you want, you can go and check my profile. 😊❤️