Southkorea's tough stance on cryptocurrencies
Southkorea's tough stance on cryptocurrencies
Bitcoin has droped
more than 60% from its January high and many regulators in korea are taking
steps forward to restrict crpto trading and are mulling the thought of banning
the currency from the nation
The country is
making a push by policy makers to rein in the frenzy of digital currencys or “crypto
currencies” over concerns over excessive speculation of moneylaundering, tax
evasion, fraud and more.
“they say they are
fed up”
Would you agree
its just because they are not profiting off of it?
How would we
change their stance?
Non-Korean
nationals, both resident and non-resident, will not be allowed to deposit KRW
at any domestic cryptocurrency exchanges when the new KRW deposit method is
implemented. In order to comply with the identification and anti-money
laundering regulations being enforced by the government, the current KRW
deposit method will be terminated by the end of January 2018.”
The tightening up in South
Korea, a crucial source of global demand for cryptocurrency, came as
policymakers around the world struggled to regulate an asset whose value has
skyrocketed over the last year. They are tired of missing out on the currency,
taxes etc yet howmany officials are invested in the crypto?
Justice minister in korea said
the government was preparing a bill to ban trading of the virtual currency on
domestic exchanges once he sells of his cryptocurrency and continue to pressure
people engaged in any form of crypto currency.
They are along with china Canada
and the us trying to pressure crypto currencies to the point of instability in
hopes of a crash or hopes of stepping in with the centralized banks to take
control and start making lots of money through regulation, taxes and everything
we enjoy not having to stress over while conducting trades and having a coffee
while watching all of our screens.
So what do we do now to
protect ourselves, our investments and to protect our wealth and to keep the crypto
currencies alive!
Here is a link to some useful
tips to survive the crash and overcome!
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