This past week has experienced some drastic drops in Bitcoin prices, largely due to announcements by South Korean Ministers moving forward with a crypto-currency trading ban. Moon Jae-In made a statement via spokesperson, stating that the nation will in fact not ban crypto-currency trading.
Recently the market cap for crypto-trading had surpassed 700 billion, which after news of the South Korean ban had dipped just under 480 billion. Today cryptos made a quick recovery with some markets exceeding a 40% gain, a clear sign that crypto-trading is back on the upswing again.
After rumors of the crypto ban surfaced, a petition was created which was titled “Has the federal government ever dreamed a cheerful dream for the folks?“. The petition was started on December 28th, and it describes how cryptos are creating solutions for individuals who were not born wealthy and needed change in banking practices to accommodate that.
A task force will review the regulation of the Justice Ministry’s proposal to close down the crypto markets and provide enhancements. They vowed to punish unlawful activity. The federal government claims to want to help blockchain technology, to improvement it and potentially finance those improvements.
All in all, this has gone from a ban on crypto in South Korea, to a move to embrace and adopt it on a government level. Expect to see some new highs soon!