Here is an update on the Korean situation
1. Korean govt wants to understand and regulate crypto trading (partly to investigate Chinese money laundering)
2. The Ministry of Justice said they would look into banning crypto, the other ministries said they would not support such a ruling.
3. Huge public backlash made the DoJ look bad. As of yet, no motion for banning trading is being made
4. Government made plans to investigate and tax banks and exchanges properly (banks are used to deposit funds into crypto)
5. Shinhan bank (biggest in korea) got spooked and said they would ban deposits into crypto exchanges. They must have been worried about potential laundering through crypto deposits from their clients
6. Public got super angry and people started threatening to close their bank accounts
7. Shinhan freaked out and retracted the statement.
8. Now everyone is back on the original track —> next news will be on January 21st where Korea will mandate personal identification for crypto trading (in an effort to trace money laundering)
update by:
https://t.me/BOS_coin