The Blue House (the White House of Korea) just released a statement that the government has not decided to shut down exchanges. The Minister of Justice (pictured in this post) CLAIMED that the government would shut down exchanges, but according to the Blue House, no such consensus was ever reached. The Blue House says that different ministries have different ideas regarding crypto, and that the Korean government as a whole is weighing its options and observing the market. They will wait until the time is right to reach a conclusion regarding crypto policy.
So the fucker pictured in this post basically pulled this shit out of his ass, causing all kinds of FUD. The Korean government is not that dumb.
Their intention is not to per say ban crypto, but shut down exchanges, because too much capital is leaving the country.
Blake Cooper
This will be almost impossible to do once decentralised exchanges gain traction. Money will flow out.
Hunter Scott
People are not going to buy crypto, when they cant exchange it back to FIAT.
Nicholas Jenkins
can we get a confirmation on this?
Lucas Hill
That would just drive up adoption in the long run. There is no way people will just let go of thousands of dollars for nothing. They will begin create a black market in no time. Even as we speak, people are buying bitcoin in cash through Craigslist and other services.
Angel Flores
How about a source thats in english not in gook
Jordan Adams
>massive taxation on crypto gains >ban exchanges that allow fiat >ban fiat to crypto such as coinbase >ban ICO participation >ban exchanges that don’t require ids >compulsory government registration for crypto investors What ever you say
Grayson James
Holy shit there's actually thousands of Koreans in the streets demanding Seppuku
Lincoln Gomez
No it would not drive up adoption in the South Korean market, because people cant report their income without the government cracking down on them, and more importantly, a business would not be able to use their funds via crypto.
The small fish who might buy a few thousands worth of crypto on the black market are irrelevant compared to the scenario where it would be legal to trade and raise funds with it.
Globally speaking it would hurt the crypto markets but would not crash them, in case of South Korea the government could shut down the local crypto-market via blocking the trading on exchanges.
The current task force which is consists of the Central Bank, Ministry of Finance and Ministry of Justice is looking into various scenarious how to treat crypto in the future.
There have already been documents leaked, which outline planned regulation @pic comming soon.
Oliver Wood
> News about South Korea > P-please english, because me no able to right-click and "translate to english"
Ryan Collins
Aka a scumfuck
Tyler Fisher
@ pic
Joshua Butler
How bout copy paste in google translate op has right article seems legit
Thomas Martin
Good think I HODLed
Andrew Ross
My guess is that it was rushed statement and that someone later informed him about crypto. He probably didn't even know what it was.
Aiden Cooper
i wonder whats gonna be the pirate bay exchange for crypto. Is it ED?
Hudson Baker
Ministry of Justice is part of the South Korean Crypto Task Force
Brayden Lee
>prevent unaccredited investors from dealing with losses through highly violate cryptocurrencies wow, I didn't know this type of shit happened outside of America.
Julian White
Lel being this fucking naive. All the politicians in korea know what crypto is, and are using this to buy the dip. If you honestly cant see this then I have a bridge to sell you
Juan Jackson
Blocknet
Nicholas Scott
good
Brandon Moore
We are going to 8000-9000k guys. Dont panic sell next two weeks. in February, no one will remember this ongoing crash. People with iron hands are always on winning side, long term. Good luck.
Leo Murphy
Next downtrend could be on Jan. 20 when the regulations take apparently hold in SK.
Dominic Foster
Nope. 13-14k is floor, when corecucks resolve current bitcoin issues it's going above $30k.
Evan Cook
>we care about you >we don’t want you to lose money >GGGGIIIIIIIIIIIIIIIIIBBB!!!!!!111, I mean we love you
Adrian Garcia
Am I retarded or is the last 'regulation' literally the ban the CNBC article referenced?
"Temporarily suspend institutional investors and retail investors from investing in cryptocurrencies."
I mean institutional and retail investors is literally ALL investors, right?
Kayden Harris
The last sentence is my favorite part >The average person is too stupid to invest their money >But lotteries and gambling is okay
Angel Gray
>Prevent strictly regulated exchanged from operating as speculative platforms for unaccredited investors
AKA stop poor people from becoming rich
Brody Butler
Temporarily could mean that the accounts are "frozen" till the regulations have been applied and the people have been verified to follow all the rules. (But that is just speculation at this point).
