Korean crypto-ban overblown

in #cryptocurrency • 6 years ago (edited)

It turns out the "ban" was all an exaggeration by one loose cannon.

The South Korean government has officially announced there will not be a cryptocurrency ban, correcting what was suggested yesterday. The initial ban announcement unsurprisingly caused a significant drop in market capitalisation across the board. The market is now recovering rapidly.

Yesterday, the Ministry of Justice, without consultation from other departments apparently, announced an impending ban on cryptocurrency exchanges. This was followed by a raid on major exchanges including BiThumb and Coinone. Prices across the market plunged.

Today, the government stepped back on these announcements and instead stated that no ban was planned at the moment. In fact, the statement made by the Minister of Justice had been made without any consultation from other branches of the government.

Yesterday, I recommended stocking up during the dip on Ethereum, Bitcoin, Bitcoin Cash, and Tronix, along with privacy coins Verge, Monero, and PivX. Most coins today are seeing a solid recovery which will likely continue into the weekend.

*This is not professional trading advice - just my opinion!

source:
https://www.cointelegraph.com
http://www.121corp.com/services/video/fud

#korea #fud #exchange #ban
6 years ago in #cryptocurrency by
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     6 years ago 

    I did follow your advice yesterday and I was profitable :) I heard the tail end of a report on NPR in the car about the Russian government "wanting to get in on cryptocurrencies" - I did not hear anything more. Do you have any idea what that is about?

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     6 years ago (edited)

    Glad it worked out well for you!

    I've been reading a few things about the Russian government and cryptocurrencies:

    • They have considered creating a state currency with digital technology that has been referred to as the "CryptoRuble".
    • There has been talk of Russia increasing Bitcoin mining due to China's rumoured decision to ban it in the future (FUD? Who knows with China?).
    • Most recently, there was some talk of not taxing or requiring disclosure for government officials who owned cryptocurrencies.
    • Russia will likely try to take advantage of cryptocurrencies to circumvent sanctions that have inhibited their ability to trade globally. This could spur the entire market forward due to the large-scale demand a country the size of Russia would create on an institutional scale.
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