South Korea Making a Big Mistake Banning Cryptocurrency Investing

The blockchain revolution is impossible to stop. Nevertheless, that hasn’t deterred the South Korean government, which recently announced plans to ban cryptocurrency investing.

I suppose that the Koreans want to temper bitcoin speculation, which has skyrocketed across the globe. That, and North Korea allegedly funding itself with bitcoin provides even greater incentive. But whatever the reasoning, the decision to impose draconian laws against the blockchain markets is nothing more than Big Brother rearing its ugly head.

I hate to be harsh, but South Korea is making a big mistake. If it ever wants to dramatically improve its ranking among global economic powers, stifling capitalistic speculation is about the worst thing you can possibly do.

This Decision Won’t Go Unpunished

If people understood the decentralized economy, no government body would ever consider imposing an outright ban on cryptocurrency investing. Those who do inherently assume that bitcoin and altcoin trading occur in a vacuum. Take out the domestic servers, so to speak, and the problem is solved.

The only problem, of course, is that it doesn’t solve a damn thing. The blockchain has gone global; indeed, it’s been global since day one. Any supposedly free and transparent government cracking down on bitcoin and virtual currencies do nothing more than expose the truth that they are anything but.

The South Korea decision on cryptocurrency investing is especially peculiar because it essentially forces Korean investors to fly to the closest cryptocurrency -friendly nation: Japan.

Instead of stabilizing their economy, the South Korean government may have just sparked the biggest cash outflow to their historical rival.

Now that’s smart thinking!