Mainstream media is at it again, stoking fears of collapse by reporting that South Korea was going to ban bitcoin and other cyptocurrency trading.
As usual though, msm saw the chance to fearmonger for views and ran with it. This led to a dip in crypto markets in value, despite it not being true.
Local Yonhap news reported:
Under the measure, only real-name bank accounts and matching accounts at cryptocurrency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned.
However in an article this morning, Forbes corrects the rumors:
Don’t panic just yet, South Korean regulators are putting a stop to the rumours that the government is banning all crypto transactions.
One thing is certain: The original fear-mongering announcement set in motion dips throughout the cryptocurrency world, leaving the question in my mind, just how many cheap coins did South Koreans get after all this?