Bitcoin Is Now Banned in

South Korea
By: Edward Schinik

South Korea has joined 7 other nations, which banned

Bitcoin: Algeria, Bangladesh, Bolivia, Ecuador,

Kyrgyzstan, Morocco and Nepal. What does this mean for

Bitcoin, which keeps on hitting new all-time highs?
South Korea Bans Bitcoin
In December 2017, South Korea banned its banks from dealing
with any cryptocurrencies, like Bitcoin. Experts estimate that
1,000,000 South Koreans own Bitcoin already. The country had
accounted for 20% of global Bitcoin transactions.

The South Korean Prime Minister’s Office banned initial coin

offerings (ICOs). But, there still is a robust South Korean Bitcoin
exchange, called Bithumb. Prices fell by 5% on this exchange.

Politicians Fear Bitcoin

How can a nation ban an asset? Has South Korea banned paper
cheques or gold? No. So, why would it ban all cryptocurrencies?

Is it all over for Bitcoin?

Out of fear. Unfortunately, nearly every old, outdated, crony

political system has had the same exact response to
cryptocurrencies: fear. Why? These politicians fear a currency that
they cannot control.

Fortunately, the 1,000,000 South Korean owners of Bitcoin have

more freedom than the old politicians understand. Will South
Korea turn off all of the computers in their nation and return to
the Dark Ages? No.

In general, South Korean politicians are demonstrating the failure

of their government. A thriving government will incorporate new
technology. It will help its citizens use any financial system that is
deemed to be cutting-edge.
 Bitcoin is hitting record all-time highs. Therefore, the vast
majority of the world is showing that South Korea is behind the
times. Modern American banks are using cryptocurrencies, such
as Ripple, to complete their financial transactions.

Who Is Next?
South Korea has banned its banks from taking Bitcoin. Isn’t South
Korea, a Capitalist nation? Isn’t that why the Korean War was
fought to contrast it with Communist North Korea? Communist
nations own the banks, Capitalist banks are supposed to be free.

Billionaire Marc Faber has noted that anyone who bets against
markets, is the ultimate loser. Markets run circles around
governments. Markets feed real supply and demand.

A good example is the Black market. When South Korea or any

government, artificially sets a benchmark for its currency, the
Black market will create a real rate. People will ignore the
government and sell merchandise based on the Black market rate.
That is Economics 101.

Trying to stop technology is like trying to stop a flood with a

thimble. It simply doesn’t work. As Bitcoin increases in value to
all-time highs, and even creates its scion, Bitcoin Cash, South
Korea politicians quake in fear.

So did American politicians.

Years ago, American politicians quaked in fear of

cryptocurrencies. But, instead of trying to stop the rain, American
bankers got on board. Now, the rest of the world’s banks will gain
a distinctive advantage over South Korea.
Can Bitcoin Be Stopped?
Bitcoin can only be stopped by itself. Other nations might ban it,
but that is unwise; you cannot stop the rain.