Crypto News Flash #37 : South Korea Is Considering Full Cryptocurrency Exchanges Ban By This Month | Will It Affect Crypto Verse ?
After the widespread popularity of Bitcoin and people investing in crypto space, Cryptocurrency market is making new ATH every single day. While every other country is trying to adopt Blockchain and also considering to start trading Bitcoin futures after the announcement of CBOE and CME, South Korea has complete opposite in its mind.
Lawmakers there believes that cryptocurrencies are highly deceptive and because of it they're considering a complete ban on cryptocurency exchanges. As per local press reports of South Korea today, the government is currently looking at changes to the law which would effectively criminalize exchanges exactly like China did back in July 2017.
As per the statement of Korean Government:
“We are actively considering ways to prohibit transactions on domestic exchanges by judging virtual currency trading as a deceptive means of defrauding people [...] under the penal code," the publication quotes an official as saying.
As per officials, a full ban of ICO's will be imposed while cryptocurrencies will be taxed on Income basis and also on transfer of ownership basis.
But there's some confusion within the South Korean government decision regarding cryptocurrencies, on one hand government is trying to ban cryptocurrency exchanges while on the other hand, South Korean Financial Commission also planned to lift the ban on ICO's (at least this is what they have announced last week).
So, Now the Million dollar question is : Whether this will affect Crypto Market ?
Well, the clear answer will be : NO
Nothing can affect Cryptocurrency market now. The FUD couldn't affect the crypto market now than it did back in July 2017. Crypto market is far from FUD now.
Cryptocurrency market capitalisation is over $420 Billion and after the institutional money flows in the crypto market after the 18th December, no FUD would be able to affect it.
At least this is what I think.
I would advise you all to take care of your capital especially these days when crypto market is highly sensitive because of Bullishness of Bitcoin.
Thanks for reading ..!!
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Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money...plus bitcoin mining is becomng so expensive now that unfortunately people will lose interest i think investing into btc wont be the best option u hv right nw
It's good to be informed, but this is going to be a big hit for the markets. Wasn't it South Korea that pumped SBD a few weeks ago? The removal of crypto exchanges in S. Korea may be a big hit, in my opinion. Steem is just one of the cryptos affected. Of course, all other cryptos will be affected if this actually happens.
Great news thanks for sharing sir
thank you for the news @cryptonet
Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money...plus bitcoin mining is becomng so expensive now that unfortunately people will lose interest i think investing into btc wont be the best option u hv right nw
Well wrote
Good information