The words "cryptocurrency" and "South Korea" are not two things that you want to read together in a headline. At least if we judge by the past two weeks.
But today it looks like we've got some GOOD news finally coming out of the crazy Asian country. Their biggest consumer protection agency blasted the FSC for mishandling last week's cryptocurrency fiasco.
Recent news has implied that there are two camps in South Korea regarding crypto - the old, out of touch idiots who don't really understand what this "Bitcorn" thing is, but are pretty sure it's a scam.
And the young, hip, cool kids with shiny white teeth and lambos who are totally down with finally fucking over the banks as payback.
The agency, known as the Financial Consumer Agency (FCA) had the following quote:
“The government has yet to establish the legal grounds over related laws for consumer protection, in particular in the cryptocurrency market. Who is to blame for lots of negative news about the craze in the cryptocurrency market? It doesn’t make any sense that markets and investors should take responsibility,” the FCA said.
Like every group of politicians, none of them actually have an opinion on anything that matters, and this cryptocurrency craze is no exception. Torn between losing votes from the new generation and the big bribes from the banking industry, President Moon Jae-in has yet to take charge on the matter.
Strangely enough, he still hasn't even commented on the petition that asked him to respond to the crypto ban - which garnered over 200k signatures.
As a young person, it makes me so happy to see that magical internet money is turning the world on its head. As an American, I love capitalism. But even with this fabulous economic system, it's not easy for the little guy to claw his way into the upper class.
Investing in crypto is the answer. Of course, most people are idiots and will panic sell when the market dips. But at least now they have the chance to get in on the hottest new ICOs along with everyone else.
Investments like this were once only available to institutional investors. But with the advent of initial coin offerings available for anybody with a couple bucks in Ethereum, a new world of speculative investing (read: gambling) has opened up to the rest of us.
Should be an interesting couple of years.
What do you think about the way the cryptocurrency ban was handled in South Korea? Are the politicians corrupt and just trying to protect their incumbency, or do you think they're legitimately concerned for the little guy?
Let me know in a comment!
Check out some of my other posts here:
- How To Actually Get More Likes And Followers On Instagram
- Japan's Largest Bank Set To Open Cryptocurrency Exchange In April 2018
- There Is Now A Japanese Cryptocurrency-Themed Pop Group
- WaltonChain (WTC) Voted #1 At SE Asia Blockchain Summit... but who cares?
- Basic Attention Token (BAT) - another token that unsuccessfully answers the question, "Why not just use an ad blocker?"
- Request Network (REQ) setting up a $30 million dollar fund for startups
- If Warren Buffett Invested In Crypto, He Would Stock Up Now While The Market Is Collapsing
- Dispelling The Myths Behind Tron (TRX), The Most Misunderstood Coin In Crypto
- VeChain (VEN) Being Shilled HARD In r/Cryptocurrency - 50 Posts In The Last Week
- Switzerland Sees Crypto As Their Chance To Woo Drug Dealers, Saudi Princes And Shady Billionaires
- NVIDIA Blasts Retailers For Selling GPUs To Cryptominers Instead Of Gamers
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