China to Ban Crypto Mining - South Korea to Ban Crypto Trading
After rumours that China will soon ban Crypto Mining in it's country, the world of Coins and Tokens became a little shaky. The Chinese Government does not like providing cheap electricity to it's citizens, if they then go and waste it on mining.
The collapse of the markets came as South Korea had some news no one wanted to hear, the government say that they plan to ban Crypto Trading.
Local Exchanges were raided by the Police and Tax Investigators looking for proof of Tax Evasion yesterday.
Exchanges are still able to operate until the law is changed. The Government will have to draft a bill to ban cryptocurrency trading, this is then put before the National Assembly and must get a majority vote to pass it through as law.
This process can take years before it becomes law.
The offices of CoinOne and Bithumb were two of the offices raided, they were asked to produce paperwork to prove their flow of money and tax.
Do you have any thoughts on Kucoin? Hong Kong based exchange similar to binance but seems a little sketchy
Kucoin is a smaller exchange and has not been asked for documents yet.
You can see their trading for the last 24 hours on coinmarketcap.com just go to the link below and check the list or search the list for kucoin, you will see the amount of trades against other currencies on bitcoin.
https://coinmarketcap.com/currencies/bitcoin/#markets
Crypto currency is an analog of gold. In the distant past, people used shells in trade. Now it's time to replace the old gold-shell with a new gold-crypt.
Too true, the governments are in a panic, because they do not understand what is going on.
Its too much for them to stop!
If they did ban it, it would go underground and become tax free overnight.
Yes, thats for sure!
You got a 1.34% upvote from @upmyvote courtesy of @steveuk!
Super thanks@upmyvote!
it is time to revolutionize the world with cryptocurrency, and create an independence, and stop the theft of banks
You got a 0.75% upvote from @postpromoter courtesy of @steveuk! Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Sneaky Ninja Attack! You have been defended with a 1.78% vote... I was summoned by @steveuk! I have done their bidding and now I will vanish...Whoosh
This post has received a 0.38 % upvote from @booster thanks to: @steveuk.
This is pure crap, always to impose a dictatorship of what people can or cannot do!