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South Korea Publically Steps Away From Exchange Ban

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South Korea have announcement have turned Bitcoin on a green lader, breaking the 9.000 $ resistance. They are going to adopt a cryptocurrency exchange license similar to Bitlicense, Bitcoin.

The government said Thursday it is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb virtual currency speculation.

Hong Nam-ki, minister of the Office for Government Policy Coordination, made the announcement after a meeting of vice ministers from related ministries, saying the government “can’t let this abnormal situation of speculation go on any longer.” As he said on a video posted at the presidential website the policy will focus more on making the trading platforms transparent rather than banning them entirely. This suggests that the South Korean government is respecting the petition from over 200,000 South Koreans on the Blue House website of President Moon Jae-in denouncing the justice ministry’s proposal. We believe this is another great step for the crypto-community as it shows the power of the masses being respected.

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Under the measure, only real-name bank accounts and matching accounts at virtual currency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned, Hong said. (Yonhap). So South Korea will accept cryptocurrency with a real-name in cryptocurrency exchanges while trading.

 

It is clear to us that this movement has sparked passionate responses from people all across the world. Regulators and Governments everywhere will have to weigh into consideration their approach to these emerging markets because of the potential retribution that may occur if they inhibit access to this budding financial ecosystem.

A few traders in our inner circle are still proceeding with caution as they plan for all variants of BTC’s price movement from here. That being said, a combination of technical and fundamental analysis has strengthened our faith in the state of the cryptocurrency market.

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