"I talked to my contact in South Korea who works for a major exchange, don't fall into the FUD. The ban is ONLY applicable to exchanges that are not following the previous KYC regulations."
Basically the ministry of Justice announced they are working on banning exchanges between crypto and fiat currency in Korea, and they ultimately aim to close down all exchanges.
Few hours later, ministry of Strategy and Finance calls out that the ministry of Justice is announcing as if their words are final, but not all government bodies have agreed to that yet.
For reference, ministry of Strategy and Finance is one of the most powerful government body in Korea (they fund the ministries). After this news cryptocurrency value is starting to shoot up again in Korea after the crash.
I'm a South Korean citizen. Let me just tell you what
just happened. About 4 hours ago, Ministry of Justice
issued a statement that the SK government is seeking
to ban all crypto exchanges. They explicitly stated
that this was a decision that was well communicated
between various branches of the government. This
caused the market to crash, and really caused a media
firestorm among Koreans.
And then 2 hours ago, the Ministry of Finance and the
Blue House issued a statement that this decision to
ban all exchanges wasn't something that was
unilaterally agreed upon, and that the statement made
by the MoJ was not their stance on this matter. Now
here is my speculation on what happened.
There was a unilateral agreement to shut all exchanges,
but as you all would know, this is a very anti-democratic
and anti-capitalistic thing to do. So they decided to send
out a trial balloon.
When the statement was made it caused an outrage, as
there are approximately 2 million crypto investors
in SK. National elections are held on April, so to
control the damage I think the Blue House changed
its mind and decided to throw the MoJ under the bus.
A lot of Koreans are speculating that this is what
happened under the hood, which is very amateurish. I
just feel bad for all the guys who cut losses today.The ban will come. In this video, the commentator goes into detail what the South Korea government plans to do and what the government thinks about it. They see cryptocurrency as the second coming of "Bada Iyagi", which was a gambling game that got banned a couple of years ago [1].
[1] http://world.kbs.co.kr/english/archive/program/news_zoom.htm...
Could the peasant class that made money off BTC unite and Lobby/bribe/influence SK politicians?
Also, do American's have a plan if there is a ban?
That's what Reuters is saying right now.
That should trump any tweets you are reading about this being FUD or a market manipulation by the mystical bearwhale.
Reuters is fairly accurate and unbiased imho.
The transaction fees are so high that it seems useless for anything but speculation at this stage.
Seems to me that it completely lost its original purpouse if that doesn't get ajusted somehow.
Say 1% of transaction value with a maximum of the current transaction fee maybe.
Correct me if I'm wrong but i have't seen any sites taking anything else so as far as I'm aware all the other crypto currencies have only ever been used for speculation.
And i believe how a currency is used is quite relevant if you ask me.
Nothing huge, but something.
Anyways, people who invested in a single bitcoin yesterday only lost $1000 overnight.
https://www.reddit.com/r/CryptoCurrency/comments/7plk7q/dont...
Maybe Google/FB ought to ban CNBC?