South Korea has no intention to ban cryptocurrency exchanges - confirmed by finance minister
The finance minister of South Korea has confirmed that the government has no plans of banning cryptocurrency exchanges or trading platforms.
After a few weeks og panic, south korean traders are now able to breathe normally again. The finance minister stressed today that the governmen has NO plans of introducing crippling curbs on cryptos. Instead they are focusing on regulating the exchanges.
Nothing we didn't know of course, but it's always nice for the market to get things from official statements. People who rely on facts knew all along that no government can or should ban cryptos. Because it will always backlash. SK ban cryptos? Ok..but Belarus opens up. One will lose and the other one will win. Of course the South Korean government understands this, but many people in the market are stupid and needs confirmation from governments.
Besides bringing respite, the comment also brings clarity to a barrage of contradicting statements from government officials from multiple ministries who have backed or opposed the ban on cryptocurrency exchanges, originally proposed by Korea’s Justice Ministry. The societal backlash against the proposed ban even saw the Executive Office of the President weigh in on the matter, cooling fears of a blanket ban. Korea has notably followed China’s example in introducing bans for the cryptocurrency sector, specifically initial coin offerings (ICOs).
https://www.ccn.com/south-korea-no-intention-ban-cryptocurrency-exchanges-finance-minister/
I expect a little bit of lag on this concerning trading and prices..but this is bullish news, and I all in all now, we have a lot of positive news and outlook further ahead.
- Belarus embracing cryptos
- Russian investors buying property in Norway for crypto mining
- South korea confirms there will be no ban
- Bitfinex Tether could be a threat, but nothing like MT.Gox, because we have so diverse trading now with hundreds of platforms
Just hodl on a little longer..
finally some good news coming
Banning cryptocurrencies would be illogical, there are so many South Koreans and other people invested in cryptocurrencies that if a ban was instituted it would immediately damage the economy. Such a move would surely bring massive condemnation of the Finance Minister and his administration. It could cause a financial Armageddon.
I have been thinking about this for a while and I do believe that regulation is necessary to weed out the Bad actors, scammers and hopefully this regulation would put a protective umbrella over the investmentors so that if there are in fact losses the government would be obligated to compensate the investors in some way shape or form as how we know this from money that is stored in Fiat bank accounts. The reason I say this that they want to tax it, you can't tax it in good times but then when the shit hits the fan you refuse to help people.
The sheep still need to hear the news from 'authority'.
....Before they make their own minds up! 😂😂
This might imply growth if mainstream Cryptocurrencies and Altcoins; however, it could also mean selective grow on "select" currencies.
Hello, I am a Korean.
The Korean government still does not make a clear statement.
According to today press report, as the Finance minister of Korea, he has no intention to ban cryptocurrency exchanges but he also spoke the Korean government is still considering one of the options to close the cryptocurrency market.
So the Korean government's ambiguous strategy to deal with cryptocurrency market still is going on.
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Resteem ...!!
thats a great news for southkorea
Wonderful news. Now the crypto market will be charming again.
Even a rumor of this kind of thing causes prices to drop
every day a different event in a different news.I think people need to not be wearing anything