Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes an all-out ban.
We are discussing to what extent the government will regulate the trade. Including the prohibition of trade. he said at an at a luncheon meeting on Monday.
The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.
South Korea too? If this is coming from North Korea, I would not even be surprised at all because the dream of bitcoin or Satoshi has some place where its not valid. On South Korea the quote an all-out ban, is just a statement to hint on what the final end of everything will be and to start preparing the mind of users from that end. At the same time, I dont believe they can go the route of a complete ban because they will be shooting themselves in the following ways
1. They might eventually lose out in the way the future is going to shape out if bitcoin ended up becoming a mainstream that commands respect because the cost to get back in the game will be more than the benefit of exiting it in the first place.
2. What if they take a decision and some of their allies did not take that decision which means the attack will only be felt for a while and bitcoin comes back which then means the whole of their effort has gone to waste considering the avenue of under the radar activities that would be created as a result of such action.
Looking at these, I see them taking the diplomatic route by finding a way to maintain their society and still be ready for the future.