Why South Korea is Not Getting a Clear Standpoint On whether To Accept Or Reject Bitcoin
Jan 29, 2018 Posted / 3225 Views
Recently the south Korean Authorities have been giving conflicting standpoints on cryptocurrency with some policies tending to be highly favouring cryptos which others advocating for a complete ban. This decisions popping out from the government frequently signifies lack of effective coordination within the different government bodies.
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Towards the end of december last year it emerged that the South Korea was planning to slap a permanent ban on all cryptocurrency trading activities within the country’s borders. It emerged again that south Korean authorities announced that cryptocurrency exchange customers had until the end of January to attach their real names to their virtual accounts connected to cryptocurrency exchanges else face some fines.
Currently all the news popping up from the South Korean authority seem to be aiming to squeeze cryptocurrency usage in the country. A new regulation also bars minors and non citizens of south Korea to trade Cryptocurrencies in the country. All these harsh regulations and series of taxes being levied on cryptocurrency exchanges in the country is throttling the strive cryptocurrency has gained in the country.
After China banned Bitcoin with the mainland china a lot of cryptocurrency exchanges, mostly large exchanges left the country for south korea and Japan. South Korea has one of the world’s highest numbers of cryptocurrency users. These numbers gave this foreign companies from china a ready market.
South Korea has the world’s best internet connection speed which is a major boost to cryptocurrency activities like mining and trading. The country’s elite population are always looking for new ways of doing things. Cryptocurrency came up as one of the best payment method and a way of transfering value without leaving any electronic footprint.
South korean Government is under pressure to develop a regulation that will be the main framework for governing the cryptocurrency sector. However not much has be achieved from the side of the government in terms setting up a working regulation.
The cryptocurrency holding the top positions in south are Bitcoin, ethereum and Ripple. Experts believed that the events happening in south Korea is responsible for the plummeting of cryptocurrency prices world wide.
It is certain that the south korean government is benefiting a significant amount of money from taxes being paid by cryptocurrency firms a major reason why the country will not ban cryptocurrency.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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