Korean Exchange Ban

The past few days have seen a lot of negative and even conflicting news coming out from mainstream media regarding crypto. First published by Reuters and picked up by various media outlets such as The New York Times, there were reports on Jan 10th that “South Korea’s Major Cryptocurrency Exchanges Raided by Police, Tax Authorities“. They alleged that cryptocurrency exchange operators were “raided” by police and tax authorities amid suspicions of tax evasion this week.

After this was published, the values of most cryptocurrencies took a plunge. Bitcoin fell from just over $15k to a low of $13,105 in just a few hours. The market cap as a whole also dropped from over $800 billion to now around $700 billion.

Reports were embellished

Reports from inside South Korea however painted a different picture. They have said that the depiction of the events were not accurate and have been embellished by mainstream media outside the country.

FUD continues – clarifications from the government

The bad news did not stop there. Reuters also published today that South Korea plans to ban cryptocurrency trading. The reports state that “Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.”

Because of the previous reports and the statements made by the Justice Minister, the government had to actually come out and clarify the issue. The Blue House, the executive office and official residence of the South Korean President, had to announce that there will be no cryptocurrency trading ban in the short-term.

Do your own due diligence

As with everything, it is always best to exercise due diligence and do your own research. Even with reports from mainstream media, you never know if they have their own agenda and it is important that you don’t give into the fear and hype.

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