Schizophrenic South Korea Can't Decide If They Want To Ban Crypto Or Not

in crypto •  11 months ago

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.

Author's note:

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!

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With their corrupt government, I would not be surprised if the people in government doing this are getting insider information to game the digital markets.

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South Korea was invaded by the USA and as such is now owned by america, so you are quite correct in your assertions. 1.3 million Koreans died in that war and 33 thousand americans. it's quite interesting that america decided with so few casualties to supposidly pull out, Hmmm. It's obvious where the truth lies (Be the literal epitome). You see banks such as JP Morgan, Citi Bank and Goldman Sacs, Have no vested interest in anonymous trading. The propaganda machine is in full effect. To bring down the freedoms created by the crypto market. We must stop money laundry at all costs because of the TERRORISTS lol

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There was actually a story about some government officials getting busted for insider trading. Apparently they sold a bunch of crypto before the news hit and the market crashed

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I would be interested to read about this.

As an American, I love capitalism.

American capitalism is awesome. You gotta pity the president though; poor guy's torn. I hope common sense prevails and they all realize they can't fight change!

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Wow nice crypto information.
Thanks for sharing
@yallapapi

This issue is majorly as a result of ignorance. I believe the authorities would see better if there was someone to really explain the crypto world to them.

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Maybe they can also teach my dad how to text

Quite educative and some links shared here happens to put a smile on my face. Thanks man @yallapapi

Good inspiration