Korean bank/exchange limitations

[PunishmentOfLuxury]

This is an interesting post made on Ripple reddit:

TL;DR The Korean Gov. is effectively throttling the amount of fiat that can enter the market.

 

Edited February 5, 2018 by PunishmentOfLuxury

[panmores]

Very interesting, thanks for posting.

They're busy with the Olympics, crypto on the back burner.

[Zerp_Legend]

Could that be why Korean Prices are lower than average? Interesting

[Guest]

Thanks for the information.

Based on what you listed here I wonder why would a government, that is heavily invested in crypto do their darnest to complicate or even stop new money from flowing into crypto. Don't they want their investment to appreciate? Don't they want to be able to cash out at some point?

[spikyhairy]

9 minutes ago, Ylod said:

Thanks for the information.

Based on what you listed here I wonder why would a government, that is heavily invested in crypto do their darnest to complicate or even stop new money from flowing into crypto. Don't they want their investment to appreciate? Don't they want to be able to cash out at some point?

It is to divide up the verification process to each banks so that the extra work does not get accumulated to only one bank 

[Guest]

The good news just keeps piling in http://www.scmp.com/business/banking-finance/article/2132009/china-stamp-out-cryptocurrency-trading-complet

[Seoulite]

50 minutes ago, Ylod said:

Thanks for the information.

Based on what you listed here I wonder why would a government, that is heavily invested in crypto do their darnest to complicate or even stop new money from flowing into crypto. Don't they want their investment to appreciate? Don't they want to be able to cash out at some point?

They are primarily concerned with capital controls and preventing economic/social destabilisation. Remember that 50 years ago this was basically a third world country. 30 years ago it was still basically a dictatorship. 

[richxrp]

6 hours ago, Seoulite said:

They are primarily concerned with capital controls and preventing economic/social destabilisation. Remember that 50 years ago this was basically a third world country. 30 years ago it was still basically a dictatorship. 

it's still basically a dictatorship.

[iLeeT]

6 hours ago, Ylod said:

The good news just keeps piling in http://www.scmp.com/business/banking-finance/article/2132009/china-stamp-out-cryptocurrency-trading-complet

lol, I can guarantee that in 6-7 days another government will come out with similar news. It's like clockwork. I can't believe people are still bothered after everything that came out in the past month.

Edited February 5, 2018 by iLeeT