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South Korea Bitcoin Ban - Is It A Good Thing?

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Investors are agitated by the recent South Korean cryptocurrency ban. The country has a large crypto market, but trade in cryptocurrency is currently unregulated. Kim Dong Yu, the vice chairman, stated that the government doesn't recognize digital currencies as financial products or currencies and reiterated its inability to guarantee the cryptocurrency's value. The country's financial authorities are currently discussing comprehensive regulations to curb illegal activity, including a ban for all initial coin offerings (ICOs).

The new law will prohibit all foreigners from trading cryptocurrencies in Korea. This includes both residents and non-residents. It also applies to "kyopo", or ethnic Koreans who have foreign citizenship. The government also bans minors and nonresidents from participating in crypto trading. Three government-owned banking institutions are conducting risk assessments on the 'big four' largest crypto trading platforms. The ban will also apply to smaller exchanges.

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South Korea has not yet announced that it is banning cryptocurrency. However, it doesn't seem likely that it will. The presidential office says that at least a majority of the 297 National Assembly members must approve the move before it becomes effective. It could take several months or even years to approve the move. This approval is positive for South Korea's cryptocurrency industry. It is not clear what the government's plans for the sector are at this point.

Despite the South Korean cryptocurrency ban, the sector is still booming. The country's regulator has stated that the bubble will burst later. Meanwhile, the CEO of BitSpread, a bitcoin trading company, Cedric Jeanson, says the new regulation is a positive step. He argued, however, that the country's financial regulators have to monitor and manage ICOs in order for investors to be protected. The South Korean government's decision isn't likely to hurt the economy, but he does hope to protect its consumers.

It is important to understand the reasons South Korea has banned cryptocurrency. The country's regulators have voiced concerns about the risks associated with crypto and have warned that they aren't safe to invest in. The government also wants a lower risk of fraud and scams. Accordingly, the regulators of the country have prohibited domestic initial coin offerings and cryptocurrency trading.

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However, the ban doesn't necessarily mean that the industry is in good shape. It is possible that the closure of more than half of South Korea's cryptocurrency exchanges will create a path for monopolies which could be detrimental to ordinary investors. It is important that investors remember that the ban was temporary. It is not supported by any legal authority. Not only is the ban illegal, but the latest guidelines by the South Korean government are unclear about how to enforce it.


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It is not a good investment right now, as prices have fallen over the past year. But, Bitcoin has always been able to rise after every crash, as you can see from its history. So, we expect it to rise again soon.

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  • A return on Investment of 100 million% over the last decade suggests that investing in Bitcoin is almost always a good idea. (primexbt.com)
  • Something that drops by 50% is not suitable for anything but speculation.” (forbes.com)
  • As Bitcoin has seen as much as a 100 million% ROI over the last several years, and it has beat out all other assets, including gold, stocks, and oil, in year-to-date returns suggests that it is worth it. (primexbt.com)
  • In February 2021,SQ).the firm disclosed that Bitcoin made up around 5% of the cash on its balance sheet. (forbes.com)
  • Ethereum estimates its energy usage will decrease by 99.95% once it closes “the final chapter of proof of work on Ethereum.” (forbes.com)

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South Korea Bitcoin Ban - Is It A Good Thing?