Korean Exchanges Bithumb and Coinone Raided By Police How it Affects Steem

You've probably heard by now that the Korean Government is planning to ban cryptocurrency trading. If you haven't then just look at your portfolio, especially Steem & SBD down 20% & 25%. Steemit is huge in Korea so it's no wonder our two currencies would be hammered. While this is bad news in the short term, I don't think it's a long term problem for 3 reasons.

We already saw this happen with China last year. Bitcoin and alts recovered spectacularly.
Korea appears to be looking to tax & regulate so this could just be a temporary halt until regs are in place.
Japan is next door and DEXs are here. What this means is business will just move to Japan or to a DEX because crypto is here to stay. Huobi being an example.

While it is disappointing that this is happening, it's been expected. One simple solution is to elect leaders who support innovation and freedom. Koreans are strong willed people, if they want change bad enough they can make it happen. They are also generous community members so let's support them anyway we can!

STEEMON KOREA!

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Thank you for this informative post, @rt395

There have been some scary statements from Korean government lately about it being a bubble and people losing everything. I really liked the SBD bubble. Thanks for that Korea

Like I mentioned, this too shall pass. The crypto cat is out of the bag. The only realistic option for democracies is to regulate and adopt crypto.

why korean doing that!it so bad for steem!

Because of tax revenue. If the taxman get's his money I think everything will be fine.

it ok to get tax ! i every country tax policy is implemented

Last month Indonesia also broke the exchange of bitcoin into rupiah. the government banned and the Indonesian bank did not want to exchange bitcoin into rupiah. but I also heard that the Indonesian government is currently managing taxes for that kind of crypto money.

We will see, but Steemit & Steem are helping many Indonesians! If you can not use a bank try to get a crypto debit card. There are many available.

Yes, sir . I will ask for help with my friends here.

thank you for the info

I followed you!

SBD, STEEM has fallen
I think that it will rise again ^ ^

Thank you @tonpa! I followed you back.

Yes, they will bounce back. In fact, the Korean government came out today and said there is no ban short term. Over 50,000 Koreans have signed a petition asking the government not to ban crypto trading. Everything will be fine, especially in Japan!