As we’ve said, if governments and banks can shut down Bitcoin (and cryptocurrencies) they will. But the big question is whether they can.
The truth is a whole lot of wealth was created in Korea over the last 6 months and the old guard, who largely missed out on the move, are nervous. Now all that wealth can be deemed “illegitimate” and the old guard thinks they can settle back into their status as lords.
That’s a big part of what’s going on here. They aren’t concerned for the economy or the “youth.” They are concerned for themselves.
Revolutions typically have many battles.
And it’s not a “bitcoin revolution” or a “crypto currency revolution.” It’s a BLOCKCHAIN revolution.
South Korea’s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation’s police and tax authorities raided local exchanges on alleged tax evasion.
The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year.
Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.
“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park told a news conference, according to the ministry’s press office.