Yeah, a bit sad that the most wired nation on earth is going to ban all crypto trading but we need to put it into perspective as it’s a political problem.
Back in the noughties the South Koreans elected consecutive leftist governments who lurched from one stupid policy to another.
One of the things they did was to go after a famous fashion designer (for the price of the expensive clothes he sold) and another stupid thing they did was to outlaw private English lessons because English proficiency would give the rich better jobs than those who weren’t educated.
Yep, they were shortsighted policies alright and there were plenty of them, which ultimately saw them lose power.
South Korea will swing back to allow crypto trading when the right is elected. So, that means a return to open crypto trading in SK in 2022 if the conservatives win the election.
Yeah, that’s a 5 year wait but then again, the South Koreans stashed US dollars away prior to the Asian financial meltdown in 97 and then they sold their illegal US $$$ when they needed it during the meltdown… I’m betting that the South Koreans will be opening secret crypto accounts and stashing their crypto in exchanges all over the globe right now.
Yes, crypto will suffer some falls over the next few weeks when China and Japan follow suit however the dips will not stop citizens from secretly doing what they want with their own money.