Looks like possibly no crypto trading ban in South Korea after all - Likely crisis averted?

in cryptocurrency •  2 years ago  (edited)

In official news released by the South Korean government, it was confirmed that no cryptocurrency trading ban would be coming now or any time in the near future.

The official translated release from the Korean government can be read here:

“First, the South Korean government will pursue the crackdown on anonymous cryptocurrency trading accounts and will punish market manipulation, money laundering, and fraudulent transactions through joint investigations participated by the local law enforcement and financial authorities.

Second, the cryptocurrency trading ban proposal introduced by Justice Minister Park Sang-ki was a suggestion made by the Justice Ministry on December 28 to bring speculation within the cryptocurrency market under control. The proposal will be discussed and changed by the task force participated by the Ministry of Strategy and Finance, central bank, Fair Trade Commission, and other agencies.

Third, excessive speculation and fraudulent activities will be met with severe consequences. But, the government will support and even finance blockchain technology development.”

(Source: https://www.ccn.com/south-korea-govt-confirms-no-cryptocurrency-trading-ban-market-optimistic/)

Exchanges in the region now optimistic about doing business?

Two of the largest exchanges, Bithumb and Korbit, are now very optimistic about the decision by the government to further regulate the space instead of outright banning it.

In fact, it was confirmed by a person from Bithumb that practical regulations are already being implemented on the exchanges.

According to the announcement, exchanges in South Korea are happy to comply and are saying that they will be compliant with the new regulations and policies in order to ensure the market remains "transparent, fair, and stable."
(Source: https://www.ccn.com/south-korea-govt-confirms-no-cryptocurrency-trading-ban-market-optimistic/)

It is also reasonable to believe that the increased regulations will encourage MORE investment from Korean investors as they feel safer to put their money to work in presumably a safer investing environment.

Did the people's response to the original announcement have something to do with this?

(Source: https://twitter.com/iamjosephyoung/status/952183566531612676)

I would have to say that it probably did.

Any time that you have 150,000+ signatures sign a petition against something you are proposing within the first couple days along with a massive outcry on social media platforms, it is probably a pretty good indicator that you don't have the public's backing.

However, this sets an interesting precedent going forward. It somewhat creates a blueprint for what other investors/traders can do should their country decide to ban cryptocurrency trading.

If they try to ban cryptocurrency, just tell them (in large numbers), that you won't stand for it and there is a chance it might get reversed.

Overall, this was hugely positive for the markets as South Korea was responsible for roughly 10-12% of the total volume of crypto trading, depending on which day you checked.

There you have it, after days of fearful trading in the crypto markets, it turns out it was all much ado about nothing.

Now, the question becomes, what will prices do now that a major headwind has been removed?

I have a guess...

Stay informed my friends.

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This whole Korean FUD episode is a good reminder that the gov. is beholden to the votes, and not the other way around - at least in democratic countries.

I believe the swift voter outrage in Korea sent a very, very loud message to the political class: Don't even think about messing with this growing industry, or you'll be looking for a new job soon.

Exactly. It's always good to see the people check the government, en-masse, when the government is wrong. If only we could see this happen in the USA. Go Korea!

Thank you for posting @jrcornel.

Steemians appreciate you keeping us informed with these updates which explain the volatility of the crypto market especially with regards to South Korea....where there is such fantastic interest in crypto currencies.

All the best. Cheers.

South Korea says it will decide on what to do about crypto exchanges after talks. And we know its bad idea to ban cryptocurrency because cryptocurrency is our future and reliable for us.

We must never forget that all these games about if cryptos will be banned etc are benefiting the big players, simple tactics to move out weak hands and buy cheap coins. I discuss different scenarios in my blog post:

"Game Over For Cryptos?"

Screen Shot 2018-01-16 at 14.01.20.png

They are scared that they will loose their control on us.so banning crypto.

They can "ban" cryptocurrency all they want. It's not going to stop the people from doing what they want to do,

Yes, you right cryptocurrency is in our hands.

I don't think even governments are stupid enough to try to ban crypto... maybe I give them too much credit though! lol

And in reply to the article, I don't believe this crisis was real at all, just people panic selling like emotional people do!

I agree to your post, that is good news for all specialy in steemit community that South Korea will still continue the crypto trading

I am afraid, they will they will set a death mark on all cryptocurrencies. China, South Korea and above all Europe and US.

Latest News here in the Netherlands is an article that says that central banks will come with it's own Bitcoin cryptocurrency.

We all should prepare for war, first thing they will do, is close all exchanges. So first priority should be a good safe Wallet. Maybe it's now the time to get some real good latest versions of some cold storage hardware wallets, Nano Ledger or some other.

Just another chapter in the endless Crypto Novel called "Fake News, a tale of manipulation and greed".

Agree the fake news is annoying. It is definitely shaking out a lot of investors. Maybe that this good news for the smart people.

Its all about creating FUD.

Fake? Most likely. But am I the only one who thinks South Korea has a secret internet they use to communicate amongst themselves? How else can we explain an entire countries ability to manipulate any coin at any given time?

They could use Telegram for that, Slack... even Discord. It only takes a few whales to manipulate the market. No need to organize the whole country. (just my opinion)

Agreed. However the method, I’m impressed.

I've gone to numerous conferences, and I wouldn't be surprised if there was a group of whales that had inside news and were pumping and dumping coins based on events before they were announced. Just look at BCH, for example.

I agree with your comments.

Yeah market is a little uncertain at the moment. Talking about this in my new post along with 350% profit potential:


Screen Shot 2018-01-15 at 22.05.18.png

Yes agreed - a lot of panic out there...

It because of those shitty ponzi schemes and schemers running in the net without fear, that the goverments are having a hard time contemplating as to whether they ban it or not. Cause what if the money of the people-- I mean what if thousands of USD worth of investment just disappeared without you , and your people knowing as to why it disappeared just like that. We all would feel very terrible and the goverment would would carry the blame over their shoulder, as they didn't protect the right and the welfare of their people.
Scams ruining thousand of investment every year, so to the one's who's reading this I offer you a tip," Check the currencies authenticity,and the length of time it is in service. Do some research if the company is doing fine the course over the years. Be skeptic, expect some risk, remember every investment has risk tied down to it. You just have to minimize the loses and maximize the profits."

"Success is about making the right decision in every step you take."

I guessed this was FUD.

Hopefully this will be good news for the crypto currency investors, cheers for taking the time to inform us. Thanks mike

I see it as good news but I don't have enough invested to move the markets, lol.

I'm not really buying the fear generated over a failing cryptocurrency system. They are being looked at closely by the UN-and the countries that are members- to be used for poverty reduction and overcoming economic and social barriers worldwide. It just seems like a diversion to me to control the excitement.

South Korean government tends to be quite responsive to protests and civilian voices (a welcome change in our time). I think the net result is still greater regulation but the investment opportunity still stands! If anything, I expect SK to start to roll out its own official crypto in the coming year as a means for competition.

Yes I think this also bigtx31

Buy the rumour, sell the news!

South Koren ban FUD is the new China ban FUD

If everyone banned these technologies then more people will anonymously build solutions around it!

very true. anyone who has experience the benefits of crypto would not easily go back to a life of not being able to use it. They would find a way. This is exactly how underground markets are created.

South Korea could not afford to act in isolation, crypto currencies is the wave of the future financial transactions.

Punish market manipulation? That would be punishment for 100% of the traders that are playing around with cryptos. Big task the South Korean government is signing up for

They were 'banning' the use of trading with anonymous accounts, but trading with Bithhumb where you must confirm your ID before trading is all right.

good news !

it wouldn't be crypto is there wasn't a crisis averted each and every week

hahah was just thinking the same....i have only been in the game a month and feels like a year! The "crash' of Dec 22 feels like ages ago....not even a month

That sounds like an awfully boring world!

this is very remarkable .. very different from the government in our country #indonesia .. The government officially prohibits it with reasons that do not make sense. thanks for sharing with us @jrcornel

150,000 Signatures in less than a week is pretty insane.

Nice post...
Thank for sharing...
Please upvote my post....

Upvoted and Re-Steemed.

I have shown your Steem site to some friends at the local coffee shop.

that is how Governments work in the whole world.
If something no matter what it is seems profitable to Governments then they love it and embrass it, If something is profitable to people and not profitable to Governments, they elaborate and pass some random laws just to fight it.
Let me tell you one thing. At this time specifically, It is the start of a huge Financial change in the whole world, and Decentralization will tell the last word.
In the world of Internet everyone will be free very soon

한국 국민은 좋다.

Two or three years ago some people said Crypto it's just a dream it never happened ,so what about nowadays 😏😏😏

We're seeing the "dream" come true, and it's becoming a nightmare for governments! Ain't it funny how the cookie crumbles!

no ban "what"; buy it up pips. this gonna move so fast everyone and their mamma gonna run after it.

FUD remains dispite the fake news and stupid attempt by gov to reg. It's a bunch of mass media bs!492e4d7fa2b3c2b881b72304bfaa4f12.jpg

This FUD is kinda normal, it's one of those regular chances that are created by authorities and big businesses to allow them to buy into cryptos at a discount. :-)

A really great article I did well, my dear friend

oh then this might be a wrong news.
circulting over the internet that south korea is banned from crypto trading
it dosent lokk to be authentic news.
Thanks for clearance.

iamjosephyoung Joseph Young tweeted @ 13 Jan 2018 - 14:20 UTC

JTBC: Petition submitted to the Blue House (South Korea's White House, executive office of the President) to reject… twitter.com/i/web/status/9…

Disclaimer: I am just a bot trying to be helpful.

If this news is true, thats really good news for crypto marketd.

Nice post friend

This is the best possible news!

Sweet, not the kind of news we need.

Nice post i like it

Vox populi, vox Dei! People Power!

Very nic post .I liked your posts

Market Updates for these cryptocurrencies

1.Dash 2. Sia coin 3. Loopring 4. Bitcoin 5. Civic 6. Verge 7.Steem 8. Nem 9. Stellar Lumens 10. Ripple
11.Eos 12. Bitshares

Yup called it... so much fake news surrounding crypto it’s appaling.

  ·  2 years ago (edited)

nice post.
I appreciate your support and am grateful to be here on Steemit.
I welcome any feedback you have to offer as well as an upvote!

They also know they cannot do ban crypto .they will just make panic & get bitcoin as low as possible.

It seems that in South Korea exist a notable democracy... I congratulate to South Koreans for to lograte that political maturity!.. successes!

Now if only we could see the total market cap go back over $800b instead of hovering around this $720b mark that would be great!

This was just another case of FUD. There's no possible way the Ministry of Justice thought this bill was going to go through without backlash from the people.

I'm getting sick and tired of governments putting their noses in situations which only affect the common man. Many of these governments will claim that they're doing this to "protect against terrorism or money laundering" when they can't even protect their own worthless fiat currency. Just be honest - say you want tax money so that your high-earning officials' pockets get bigger.

Well hopefully the markets get back to running normally now my blockfolio could use the love lol

Exceptional, unlike us in Indonesia 😥

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that was a good content you share

Yes, it's true, keep up the great work :)

what a nice post

thanks for providing bitcoin news, looking for it badly. I just hope crypto trading won't ban my country.

nice post , I like this post
plz share me and up vote me.

Bitcoin gonna hit 27000$ this year go and invest in it thanks me later

Wow this is great news!
Great article, super well written, definitely need to share this!
Also glad to see the government reacted so quickly.

Thank you for providing this valuable information.

South Korea will hopefully do the right thing -- i.e, this year is evidently an Election year, & so they've gotta listen to the people.

Glad they (the citizens ) got their voice heard . Petitions can be an effective tool

All was good, but now?
Today they are saying something totally different or i just misunderstood?
What are your thought about it?

And about china? They really want to ban it totally! :(

Sounds like the same news, but it seems the market is interpreting it differently. Instead of South Korea likely not banning, it's South Korea could still ban... oh what a difference a day makes...

Fake news to manipulate the market.

all FUD again it seems!

Crypto trading should open for all countries. Thanks for sharing

@jrcornel THe whole will Korea or won't Korea question has been creating erratic swings in the market. Unless the government makes an official announcement, there will be speculationa and FUD from time to time.

Yes, it's true, keep up the great work

It was just a plan to reduce the speed of cryptocurrencies. every time they spread this kind of news to play with the small investor. cryptocurrencies are good investments for middle-class peoples but elite class business-mens don't want that the peoples invest in cypto.

wall i think not only korea ... but no one can stop trading of crypto .. as i got this post from my friends so yeah i like the post

thanks for Info

intressante Info!

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i don't know......