[2018-01-12] OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government

[cybersofts]

OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says



The Blue House, the executive office and official residence of the South Korean President, has announced that there will be no cryptocurrency trading ban in the short-term.

    In an official announcement, South Korean government reaffirms there will be NO TRADING BAN for #cryptocurrency market in the short term and NOTHING IS FINALIZED.

    A petition to fire the head of the Ministry of Justice over the #cryptocurrency trading fiasco filed. pic.twitter.com/tb5tDvIV2K
    — Joseph Young (@iamjosephyoung) January 11, 2018



No ban, all FUD

The South Korean government’s official announcement came after a massive backlash and criticism against the Ministry of Justice, which independently announced its plans of banning cryptocurrency trading. The Ministry did this without the consent of the Ministry of Strategy and Justice and other government agencies involved in the South Korean cryptocurrency regulation task force.

According to the Blue House, more than 60,000 citizens voted in a petition to fire the head of the Ministry of Justice Park Sang-ki, who released a premature statement earlier today, on January 11, that the government will implement a policy to shut down cryptocurrency trading.

Almost immediately after Minister Park released his statement, the Ministry of Strategy and Finance emphasized that it does not support or agree with the decision of the Ministry of Justice to ban cryptocurrency trading. It also added that the Ministry of Strategy and Finance only found out about the statement of Minister Park through media reports, and the decision to ban cryptocurrency trading was not agreed upon by the task force.

In 2016, former South Korean President Park Geun-hye, who is currently in jail for money laundering and corruption charges, was impeached by the people of the country who strongly voiced out their opposition against the former president. Millions of South Korean citizens came out to the streets and surrounded the Blue House, until the court decided to finally process the impeachment.

Since then, the voice of the South Korean citizens has strengthened and the new government, led by the current President Moon Jae-in, vowed to listen to the people.

In consideration of past events and the government’s announcement that cryptocurrency trading ban will not implemented in the short-term, it is likely that the South Korean government will move towards regulating and fostering the local cryptocurrency market.


Ban unlikely even in long-term

Previously, a spokesperson from the South Korean cryptocurrency task force stated that the country will follow the regulatory roadmap set by major regions like Japan and the US. Hence, it is highly unlikely that even in the long-term, a cryptocurrency trading ban will be imposed. The spokesperson said:

    “The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”


Source: https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says

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[greeklogos]

This information was called a FUD two days ago and the market didn't delay to react, the price is in plus and it moved with itself many of altcoins. Well, those who organise it must be bought as many coins as they wanted

[1Referee]

Well, those who organise it must be bought as many coins as they wanted

It has been like that since way back. This market has grown so large, that even 10-20% pull backs are few hundred million dollar opportunities for the large pockets behind all this. Great thing is that while they do the effort setting everything up, we can benefit from it too, by trading the repetitive volatility that has become so predictable, that it almost seems too easy. I have always been looking at the switch from miners in China to other nations over this fud'ish South Korea ban, because that in the relatively short term might turn out to have some impact on the market. One thing is sure, this market has never disappointed people in terms of offering insane money making opportunities, which is one of the main reason it attracts so much capital.

[Kemarit]

If this is official then we don't need to worry and panic. But damn, last 2-3 days of FUD about South Korean making a sudden U-Turn hug the spotlight. LOL. I say that I almost believed them, however, it's good be illogical for South Korea to just ban bitcoin when everyone is enjoying it in their country. So this is a sigh of relieved for all of us since we all know that South Korea is a big market for us. And market has also been resilient, not much impact of the price although we have seen bitcoin been like that prior to the FUD that's why we didn't see that much dip. So lets see how it goes, since this is official all FUD'ers should go back and make another one. They are angling a different attack now, they are using the "environment effects" of bitcoin mining as an argument. LOL.

[richardsNY]

Looking at the calm market reaction, it seems that traders and investors didn't take anything of the fud for face value, and I am happy to notice that. It shows that the market was just moving up and down in a normal manner all the time. I remember how the market was going absolutely nuts when Chinese fud articles were popping up. It resulted in the market to always fall down after having experienced a solid increase. Now this has cleared, there will be something else that will pop up in an attempt to get the price to tank -- drama and fud enough in Bitcoin land!

[J. Cooper]

Looking at the calm market reaction, it seems that traders and investors didn't take anything of the fud for face value, and I am happy to notice that. It shows that the market was just moving up and down in a normal manner all the time. I remember how the market was going absolutely nuts when Chinese fud articles were popping up. It resulted in the market to always fall down after having experienced a solid increase. Now this has cleared, there will be something else that will pop up in an attempt to get the price to tank -- drama and fud enough in Bitcoin land!

I hope they learned from China (atleast the big guys, a lot of small investors certainly did sell off their bitcoin otherwise we wouldn't have seen such a correction) and that would also explain why markets are reacting in a very laid back green manner. But regardless of the FUD we did experience a nice and healthy correction, finding support at the low 13,000s, and we might be bound for our next leg up very soon.

[wonderful8]

This is nice the South Korea. At least they are not as stupid as the Chinese government, which volunteer abandoned a vast promising future market. When they ultimately realized that and wanted to come back, it will be way too later for them.

[jseverson]

Woah, that's excellent news. We can at least be able to put the issue to rest for now. I thought it didn't make any sense how one day they were cooperating with Japan and China for regulations, then they suddenly decide to raid exchanges, and announce a ban. It has been a tough few days for the South Korean market with all the uncertainty, and there still is because we still have no idea what kind of regulations are in store, but nothing can be worse than a ban, right?

Tougher taxation can be expected as it seems to be their primary concern, given the reasons they gave for the exchange raid. South Korea is also strict when it comes to gambling, so bans on Bitcoin gambling platforms are likely, if there isn't one already.