implication of south Korean crackdown on cryptocurrencies

[sunnex100]

South Korean authorities are currently clamping down on cryptocurrencies  and are proposing a legislation to possibly ban cryptocurrency because they have linked it to gambling and other illegal behaviours among their population. This has caused some uproar in the market. However, the lives of many young Koreans depends on cryptocurrencies as unemployment rate remains high in the country. What do you think will play out if the government of South korea finally succeeds in shutting down the crypto space?

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[Tuyul Gupies]

South Korean authorities are currently clamping down on cryptocurrencies  and are proposing a legislation to possibly ban cryptocurrency because they have linked it to gambling and other illegal behaviours among their population. This has caused some uproar in the market. However, the lives of many young Koreans depends on cryptocurrencies as unemployment rate remains high in the country. What do you think will play out if the government of South korea finally succeeds in shutting down the crypto space?

if that happens and many people feel disadvantaged by the decision taken by the government then maybe they will do a big demo

[dunfida]

South Korean authorities are currently clamping down on cryptocurrencies  and are proposing a legislation to possibly ban cryptocurrency because they have linked it to gambling and other illegal behaviours among their population. This has caused some uproar in the market. However, the lives of many young Koreans depends on cryptocurrencies as unemployment rate remains high in the country. What do you think will play out if the government of South korea finally succeeds in shutting down the crypto space?

Its all FUD. Keep reading on this link https://coinjournal.net/south-korean-police-not-raid-cryptocurrency-exchanges-fud-triggers-market/ .They might consider some additional steps but not totally talking on banning it completely. Leaders have spoken that they wont really do such or no actions has been made. Lets just assume that they did really make that thing then it will surely give some impact on bitcoin world but not totally the cause for it to crash so hard.

[juliamichaels18]

South Korean authorities are currently clamping down on cryptocurrencies  and are proposing a legislation to possibly ban cryptocurrency because they have linked it to gambling and other illegal behaviours among their population. This has caused some uproar in the market. However, the lives of many young Koreans depends on cryptocurrencies as unemployment rate remains high in the country. What do you think will play out if the government of South korea finally succeeds in shutting down the crypto space?

yes its true. they failed to shutting down the cryptocurrency. its been dire weeks for crypto world cause of this issue. now is time for market to recover cause they fail to ban the cryptocurrency. this indeed great opportunity cause korea soon will be back to the game.

[Elby]

Worldwide regulation will follow these months, prepare for an unstable market, hopefully after regulation, the market can only get better!

[erlnd]

Worldwide regulation will follow these months, prepare for an unstable market, hopefully after regulation, the market can only get better!

You think this? Even usa and other big ones?

[Mometaskers]

The excuse they were giving was that it's possible that money being stolen from exchanges are being funneled to North Korea. It's perfectly understandable that they'd worry about that though. What's happening now is that they are tightening controls though there is still no outright ban. I suppose that would be harder to do in South Korea compared to China since it's just not one single authority who'll make decisions.

[stompix]

The excuse they were giving was that it's possible that money being stolen from exchanges are being funneled to North Korea. It's perfectly understandable that they'd worry about that though. What's happening now is that they are tightening controls though there is still no outright ban. I suppose that would be harder to do in South Korea compared to China since it's just not one single authority who'll make decisions.

Source for the NK claim?

I doubt that, how would money stolen from exchnges end up in NK since it's impossible to transfer them.
And again, if they would be stealing coins, how are they going to claim fiat, with no active banks?

And again..lol...what stolen coins?
Youbit??? Don't make me laugh, those guys get hacked every 3, 4 months or so.
It's becoming their specialty.

Either way,back to the op, there is no crackdown on crypto.
They are targeting exchnges , and I'm pretty sure they've caught onto something really bad.
Forget bitcoin related blogs and newspapers:
https://www.reuters.com/article/us-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002B