First China and now South Korea, it all seems like doom and gloom for the world of virtual currencies doesn’t it? Is it really all over for South Korea?
Ever since Bitcoin first come on to the stage, we have heard of many reports that cryptocurrencies like Bitcoin, Ethereum and Ripple are about to be banned, or someone from some bank isn’t allowing their employees to trade in cryptocurrencies.
News agencies have recently reported the South Korean Justice Minister Park Sang-ki, said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.
What these news agencies fail to mention is that South Korea is only planning to ban Anonymous trading and non-compliant exchanges, that don’t adhere to their Anti-Money Laundering laws. The South Korean government has stated many times they intend to regulate and foster the industry.
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.
— Joseph Young (@iamjosephyoung) January 11, 2018
This is a pure example of FUD (fear, uncertainty and doubt) or just poor journalism designed to shake up the industry. I could list many reports and articles which have been sponsored by the bank industry to halt investment in cryptocurriencies, this is just another one. Please tell us what you think in the comments below . . .