South Korea is considering closing local cryptocurrency exchanges (again)

Reuters reports that policymakers in South Korea’s parliament said that they’re considering shutting down domestic cryptocurrency exchanges, following the steep plunge in value of major virtual currencies over the past couple of days.

The news comes just days after we heard just the opposite. After South Korean law enforcement agencies raided the offices of local cryptocurrency exchanges to investigate alleged tax evasion last week, various government bodies including the official residence of the President announced that trading wouldn’t be banned in the country the next day.

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Unfortunately the Koreans and the Chinese are paying a premium to buy crypto due to a number of bad actors out there.

So in my opinion the actions taken from the Korean government is a way  to put some law & order and limit the bad actors.

This in turn will build more investor confidence and trading to commence again stronger than ever before.

For now HODL, don’t panic and everything will recover, every bump in the road so far is actually helping the crypto industry than damaging it.


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