There's a lot of FUD (Fear, Uncertainty, and Doubt) about a ban on all cryptocurrency trading in South Korea today.
Many news agencies wrote about the police and tax authorities raiding offices from Bitcoin exchanges, but this hasn't been confirmed and seems nothing more than just rumors. Tax authorities have friendly visited some exchanges recently, but this is nothing unusual.
South Korea has a booming blockchain industry and I don't expect the government would harm this new and promising sector. The volume on South Korean cryptocurrency exchange markets is already higher than the volume on the country's main stock market. Would they ban this market? Think rationally! South Korea is not China. Protecting investors has a high priority though.
What we know is that the South Korean government is trying to ban anonymous trading accounts and prevent money laundering. There is no ban on crypto currency in South Korea right now and exchanges are all operating as usual.
Everything else is just FUD. South Korea is NOT banning cryptocurrencies! Don't believe the fake news from the mainstream media and do not sell your coins for a low price. Perhaps the South Korean government bought the dip today ;-)
BTFD (Buy The Fucking Dip) and HODL! :)
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Latest Crypto News - January 11, 2018
Bitcoin, Ethereum Prices Plot Cautious Recovery as Korean Government Cools Trading Ban Rumors
The cryptocurrency market is eyeing a cautious recovery after financial regulators in South Korea publicly stated that they do not agree with the cryptocurrency trading ban that has been proposed by the country’s justice minister. In the meantime, though, nearly every major coin is trading below its previous-day level, and the ethereum price has snapped its streak of positive returns.
Read more: ccn.com
More sources:
South Korea’s Finance Ministry Refuses to Support Cryptocurrency Trading Ban
The South Korea Ministry of Strategy and Finance has come out and said that it does not agree with the premature statement of the Ministry of Justice about a potential cryptocurrency trading ban.
Read more: ccn.com
More sources:
- South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify (Forbes)
- ‘Nothing Finalized’: South Korea Gov’t Ministries Diverge Over Crypto Ban Proposal (Cointelegraph)
- South Korea Still Allows Crypto Trading, After Thorough KYC (Cryptovest)
Korea's Central Bank Forms Task Force to Study Cryptocurrency Impact
The Bank of Korea (BoK), South Korea's central bank, has launched a cryptocurrency task force to explore the technology's effects on the financial system.
Read more: coindesk.com
World's Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour
Binance, the world’s biggest cryptocurrency exchange keeps getting bigger. Binance user traffic has resulted in bottlenecks with Amazon.
Read more: bloomberg.com
Florida Bill Would Legally Recognize Blockchain Signatures, Smart Contracts
A lawmaker in Florida has introduced a bill that, if passed, would create a legal foundation for blockchain data and smart contracts in the U.S. state.
Read more: coindesk.com
Australian Taxation Office Creates Task Force to Go After Bitcoin Traders
Are you an Australian citizen and worried you might not be paying all the taxes you are due on your bitcoin investments? Well, worry no more because the government is here to help. A group of experts has been assembled to make sure no satoshi goes untaxed in the land down under.
Read more: bitcoin.com
Goldman Sachs Admits Bitcoin is Real Money, Cites Use Cases in Developing World
White shoe investment bank Goldman Sachs has admitted that Bitcoin and other digital currencies could succeed as real money in developing economies. Goldman strategists wrote in a recent report:
“In recent decades the U.S. dollar has served its purpose relatively well. [But] in those countries and corners of the financial system where the traditional services of money are inadequately supplied, Bitcoin (and cryptocurrencies more generally) may offer viable alternatives.”
Read more: cointelegraph.com
Other sources:
- Goldman Sachs Recognizes Bitcoin’s Future Potential (Bitcoin.com)
- Goldman Sachs: Bitcoin Could Be Viable Money In Troubled Economies (Coindesk)
Japan's Fisco Launching $2.66 Million Cryptocurrency Fund
Japanese investment research firm and bitcoin exchange operator Fisco has announced that it will launch a cryptocurrency fund.
Read more: coindesk.com
Atomic Action: Will 2018 Be the Year of the Cross-Blockchain Swap?
Atomic swaps herald a way to greatly expand the capabilities of blockchain – but how soon will users be tapping the tech for trading?
Read more: coindesk.com