SOUTH KOREAN GOVERNMENT: No Cryptocurrency Trading Ban !!
Despite a recent announcement by the Ministry of Justice Park Sang-ki, cryptocurrency trading will NOT be banned in South Korea. The announcement of a ban, was a premature statement that did not have the endorsment of the Ministry of Strategy and Justice or other government agencies involved in the South Korean cryptocurrency regulation task force according to officials.
Quick Retraction
Upon hearing the news from Park Sang-ki, The Ministry of Strategy and Finance immidiately emphasized that it_ does not support or agree with the decision of the Ministry of Justice_ to ban cryptocurrency trading and that the decision to ban cryptocurrency trading was not agreed upon by the task force.
The announcement had a major impact on the crypto market and immediately caused Bitcoin to drop by over $2,000, bringing down then value of may other alt-coins who's value is dependent on Bitcoins. Popular crypto tracker CoinMarketCap.com even removed many Korean Exchanges from their listings, though they site “the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.” as their reason. That did not stop the market from dropping and taking $75 Billion off the table.
Now What?
With South Korea back in the game - is CoinMarketCap.com going to include their exchanges again or are they going to sit it out and see which way the wind is going to blow? If they include them again, we could see a temporary spike. The market has responded favorably to the news and even recovered some of its recent losses. , but is it enough to keep up its momentum?
Feel free to chime in with your thoughts
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I think there is too much turmoil in South Korea for coinmarket or others to include right now. While the gov't has backed down, they are still taking a hard look at crypto. Still weary of what the future holds in S. Korea and other countries for that matter.
very insightful comment.. what do think it will take to stabilize the market there?
Back up we go!
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