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http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&key=20180111.99099005003 http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&... Basically

http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&key=20180111.99099005003 http://www.kookje.co.kr/news2011/asp/newsbody.asp?code=0200&... Basically the ministry of Justice announced they are working on banning exchanges between crypto and fiat currency in Korea, and they ultimately aim to close down all exchanges. Few hours later, ministry of Strategy and Finance calls out that the ministry of Justice is announcing as if their words are final, but not all government bodies have agreed to that yet. For reference, ministry of Strategy and Finance is one of the most powerful government body in Korea (they fund the ministries). After this news cryptocurrency value is starting to shoot up again in Korea after the crash.

deleted 9y ago
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wsc981 9y ago
From Reddit (r/cryptocurrency) - a friend messaged me this today: I'm a South Korean citizen. Let me just tell you what just happened. About 4 hours ago, Ministry of Justice issued a statement that the SK government is seeking to ban all crypto exchanges. They explicitly stated that this was a decision that was well communicated between various branches of the government. This caused the market to crash, and really caused a media firestorm among Koreans. And then 2 hours ago, the Ministry of Finance and the Blue House issued a statement that this decision to ban all exchanges wasn't something that was unilaterally agreed upon, and that the statement made by the MoJ was not their stance on this matter. Now here is my speculation on what happened. There was a unilateral agreement to shut all exchanges, but as you all would know, this is a very anti-democratic and anti-capitalistic thing to do. So they decided to send out a trial balloon. When the statement was made it caused an outrage, as there are approximately 2 million crypto investors in SK. National elections are held on April, so to control the damage I think the Blue House changed its mind and decided to throw the MoJ under the bus. A lot of Koreans are speculating that this is what happened under the hood, which is very amateurish. I just feel bad for all the guys who cut losses today.
- moltar 9y ago
  Also, some of those politicians could be traders too and mixing the presage for profit ;)

deleted 9y ago

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wsc981 9y ago

From Reddit (r/cryptocurrency) - a friend messaged me this today: I'm a South Korean citizen. Let me just tell you what just happened. About 4 hours ago, Ministry of Justice issued a statement that the SK government is seeking to ban all crypto exchanges. They explicitly stated that this was a decision that was well communicated between various branches of the government. This caused the market to crash, and really caused a media firestorm among Koreans. And then 2 hours ago, the Ministry of Finance and the Blue House issued a statement that this decision to ban all exchanges wasn't something that was unilaterally agreed upon, and that the statement made by the MoJ was not their stance on this matter. Now here is my speculation on what happened. There was a unilateral agreement to shut all exchanges, but as you all would know, this is a very anti-democratic and anti-capitalistic thing to do. So they decided to send out a trial balloon. When the statement was made it caused an outrage, as there are approximately 2 million crypto investors in SK. National elections are held on April, so to control the damage I think the Blue House changed its mind and decided to throw the MoJ under the bus. A lot of Koreans are speculating that this is what happened under the hood, which is very amateurish. I just feel bad for all the guys who cut losses today.

moltar 9y ago
Also, some of those politicians could be traders too and mixing the presage for profit ;)