• Fri. Jul 12th, 2024

South Korea and Bitcoin: Prohibition on Cryptocurrency ICOs in South Korea Literally Lacks Any Impact on Bitcoin



Nov 5, 2017

On Friday South Korea declared initial coin offerings (ICOs) prohibition. This was after the prohibition of ICO in China at the beginning of this month, which led to a brief decrease in value for key cryptocurrency offerings such as Ethereum (ETH) and Bitcoin (BC). The market was not affected this time.

On Friday BC trading was at $4,353 while the value of ETH was $291. During this publication, the two had increased with BC valued at $4,397 while ETH went up to $298. Local reports indicate that South Korea resolved to prohibit ICOs because of anxiety that cryptocurrency provides an ineffective financial speculation approach. This idea is usual among states when they are dealing with market control. Cryptocurrency is simply conflated with flat cash; however, it is not recognizable, making it extremely hard to tax.

More information from officials in South Korea regarding the prohibition show that the state is worried about the financial and information safety of residents who may be rendered victims by destructive cryptocurrency offerings. It seems that the state’s stand is that ICOs will possibly be a fraud, compared to the present system. In case this has a familiar ring to it, the reason is that this is a similar concept used by individuals such as the CEO of JP Morgan Jamie Dimon when they proclaim that Bitcoin is a scam or the market is a bubble on the verge of blowing up.

However, your opinion might change in regard to how seriously you take Dimon. After all, BC rivals him in various ways. Other cryptocurrency reports from outside South Korea show that according to police, hackers in North Korea unsuccessfully engaged in ‘spear-phishing’ campaign against numerous exchanges. Spear-phishing offers a curve on the traditional term, ‘I require your password for safety reasons.’ At least 25 workers from four varied firms reported spear-phishing efforts and local police have verified at least 10 different attacks from North Korea.

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As hackers fail to conquer cryptocurrency security and a prohibition on ICO does not affect the coin value, the time has come to stop panicking each time a state that engages in business with China declares that it will prohibit ICOs or exchanges. Cryptocurrency is meant to be state-proof; this is completely theoretical but present indications still appear to support that guarantee.


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