{"id":3592,"date":"2018-01-17T00:00:00","date_gmt":"2018-01-17T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2018\/01\/17\/controversy-on-south-koreas-political-field-following-cryptocurrency-trading-ban-announcement\/"},"modified":"2018-01-17T00:00:00","modified_gmt":"2018-01-17T00:00:00","slug":"controversy-on-south-koreas-political-field-following-cryptocurrency-trading-ban-announcement","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/controversy-on-south-koreas-political-field-following-cryptocurrency-trading-ban-announcement\/","title":{"rendered":"Controversy on South Korea\u2019s political field following cryptocurrency trading ban announcement"},"content":{"rendered":"

With Justice Minister Park Sang-ki\u2019s statement of passing a blanket ban over cryptocurrency trading in South Korea<\/a><\/strong>, the political space is trembling as members of the opposition parties began to question Park\u2019s true intentions relating to the crypto-market in that country.<\/p>\n

According to news website CCN<\/a><\/strong> (which quotes a report from South Korea\u2019s daily newspaper Hankyoreh), it looks like such statement has turned around and bit the aforementioned minister, who not only got little to no support from other high authorities such as Finance Minister and even the Head of State, but also gave material for three of the opposition parties to take the opportunity and criticize the current government\u2019s approach to cryptocurrencies, as well as the consequences of his actions.<\/p>\n

Yoo eu-dong, a spokesperson of one of the main opposition parties, the Bareun Party, blatantly condemned Justice Minister\u2019s premature statement, saying that it was unacceptable to not take local citizens into consideration when issuing such decision. \u201c[Park\u2019s claim] was a mockery against the South Korean people,\u201d he said.<\/p>\n

Meanwhile, a representative from the Kookmin Party noticed how Moon\u2019s administration was quiet about cryptocurrency trading regulations and how these affected negatively the crypto-market, \u201cwith a false ban announcement\u201d, according to said report.<\/p>\n

Lastly, a spokesperson of another opposition party, the Jayoo Party, referred to Park\u2019s statement as an attempt from the current government to make cryptocurrency investors look (to the public) as \u201cuninformed gamblers\u201d.<\/p>\n

\"Korea\"<\/p>\n

Dealing with the impact of the announcement<\/strong><\/p>\n

The negative consequences of cited minister\u2019s statement were huge, with losses reported on the level of billions, only this week. Right now, the cryptocurrency exchange market is larger than South Korea\u2019s main stock market, KOSDAQ \u2013 in terms of daily trade processing \u2013 so a successful application of a blanket ban over said crypto-market would translate in a great damage to that country\u2019s economy, equally to what would mean a closure of the stock market.<\/p>\n

Earlier, in mid of the FUD triggered by such issuance, members of several opposition parties and citizens in general signed multiples petitions to the South Korean government to back off in their endeavor for banning crypto-trading, as well as demanding current Justice Minister\u2019s demission from his position. The Blue Hose (the executive office and official residency of the President of South Korea) website registered more than 4,000 signatures regarding this situation.<\/p>\n

Whether if it was intended or no, Moon\u2019s administration now have a broader scope of the costs they\u2019ll have to afford should they ultimately approve Park\u2019s proposal.<\/p>\n","protected":false},"excerpt":{"rendered":"

With Justice Minister Park Sang-ki\u2019s statement of passing a blanket ban over cryptocurrency trading in South Korea, the political space is trembling as members of the opposition parties began to question Park\u2019s true intentions relating to the crypto-market in that country.<\/p>\n","protected":false},"author":3,"featured_media":3594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,74,88],"tags":[4830],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/3592"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=3592"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/3592\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/3594"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=3592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=3592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=3592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}