Why Due South Korean Cryptocurrency Investors Are Inwards A Panic - As Well As How It's Effecting All Of Us...

Republic of Korea has played a major business office inwards the cryptocurrency smash that oft goes unnoticed to those of us on the English linguistic communication speaking side of things. 

They lead keep their ain corner of the crypto basis - amongst their ain forums, chat rooms too their ain exchanges - where prices tin laissez passer on notice fifty-fifty vary greatly from US/EU central rates.

But nonetheless - the book of money they convey inwards effects us all. They describe of piece of work organisation human relationship for close 15% of the entire market.

Today however, our crypto friends inwards Republic of Korea are inwards a panic.  Yesterday their judge minister, Park Sang-ki announced "regulators are preparing legislation to stop cryptocurrency trading" that sent the markets into a olfactory organ dive.

So why are their politicians looking to crevice down?  It appears what showtime drew authorities attending is lack safety at 2 South Korean exchanges.

First, at that spot was the Bithumb hack inwards July - over 30,000 victims losing their Bitcoin too Ethereum.

Then came YoBit, forced to unopen downwards later suffering 2 major attacks inwards 1 year.

Throw inwards your measure "it's a bubble" fears on exceed of these - too nosotros teach to a greater extent than or less rattling worried politicians.

But democracy, too South Korean politicians fearing backlash at the voting booths may salve cryptocurrency trading inwards the nation.  Chief safety strategist at AsTech, a cyber safety theatre explained to Infosecurity Mag:

“This ban, though, would comport on a growing number of citizens too could effort a huge backlash against the government, both straight off too inwards whatsoever voting situation. At this point, it may last also early on to estimate at what a ban on cryptocurrency trading would create to South Korea, either economically or politically, exactly every bit the number of South Koreans who purpose cryptocurrencies increases, this number volition popular off to a greater extent than challenging to address at a national level.”

With youth unemployment rates 3x higher than the national average, playing the cryptocurrency markets has taken the house of a labor for many immature South Koreans.

As of today, an online petition against the proposed ban has over 120,000 signatures - too fifty-fifty crashed the website earlier.

So, that's where things stand upwards now, we're watching closely for hereafter developments. 

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Author: Ross Davis
San Francisco News Desk