Cryptos Surge As South Korea Backs Away From Trading Ban

After what has seemed like a non-stop barrage of bad news for crypto bulls from South Korea, we noted some cracks in the foundation of the anti-cryptocurrency push as the ministry of finance refused to support the ministry of justice's exchange shutdown bill.

Tonight we get further clarification that the end of South Korean crypto trading is not nigh as Yonhap reports the various government ministries need more time and more consultations over the mininstry of justice's plan to ban crypto-exchanges.

"The issue of shutting down (cryptocurrency) exchanges, told by the justice minister yesterday, is a proposal by the justice ministry and it needs consultations among ministries," Kim said.

Ministers reportedly seek a "soft-landing" considering the shock the measures may have on the market is an issue that can result in huge social, economic damage.

Additionally Yonhap notes that even if pursued, shutdown of exchanges would take some time as it needs discussion at parliament (it would take months or even years for a bill to become a law).

All of which can be roughly translated as - we have no idea of the impact of banning this stuff and just how much damage to the nation's wealth could occur if we do...

The result is a broad-based rally across the major cryptocurrencies...

Tens of thousands of people filed an online petition, asking the presidential office to stop the clampdown against cryptocurrency trading.

South Korea is home to one of the world's biggest private bitcoin exchanges, with more than 2 million people estimated to own some of the best-known digital currency.


JimmyJones dasein211 Thu, 01/11/2018 - 21:58 Permalink

Seriously, I don't know why the South Korean Govt would want to use money from a Rothschild central bank over Crypto anyway. The Rothschilds are Pedophile Satanist, who needs that?

BTW, ethereum sports betting apps are coming, p2p smart contract based sports betting from a DAPP (decentralized app) price is going to go through the roof.

Lots of people love to gamble, if the "normies" can do it from their smart phone, with ease and cash out with a coinbase account linked to a checking account. It's gonna be nuts

In reply to by dasein211

Son of Captain Nemo Thu, 01/11/2018 - 21:45 Permalink

What did Donny do?...

Threaten war before the Olympics if South Korea didn't allow Janet's mining servers to continue "the attempt" at looting their banks?...

By the way...

Yonhap - South Korea's fully infiltrated CIANN/Bloomberg "round eye" with a Yarmulke News Network!...

DarthVader101 Thu, 01/11/2018 - 21:51 Permalink

The situation is just too volatile.  Best to cash out now at today’s hefty price and buy CloudCoin which does not require exchanges and cannot be tracked, shut down or regulated by any government in the world.  


Jambo Mambo Bill Thu, 01/11/2018 - 22:21 Permalink

That after the Korean thing, Buffet was used to attack cryptos in an over broadcasted news story with the intention of damage imo, it seems that something is being prepared... huge friday sellout? Profit taking and cheaper reentry for the new year?