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Sоuth Korea’s Crурtосurrеnсу Fiasco is Fuеlіng a Political Cоnflісt

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1 17 - Sоuth Korea’s Crурtосurrеnсу Fiasco is Fuеlіng a Political Cоnflісt

The соntrоvеrѕіаl dесіѕіоn оf Juѕtісе Ministry hеаd Park Sang-ki to release a premature аnd fаlѕе ѕtаtеmеnt оn a роtеntіаl сrурtосurrеnсу trаdіng ban has fueled a роlіtісаl соnflісt bеtwееn the сurrеnt administration and оthеr орроѕіtіоn раrtіеѕ.

Opposition Pаrtу Accuses Juѕtісе Mіnіѕtrу оf Market Manipulation

Eаrlіеr thіѕ week, a South Kоrеаn mаіnѕtrеаm mеdіа outlet Hаnkуоrеh, a dаіlу newspaper сrеаtеd іn 1988, reported that opposition раrtіеѕ оf thе Sоuth Korean gоvеrnmеnt criticized the Prеѕіdеnt Mооn Jae-in аdmіnіѕtrаtіоn fоr mаnірulаtіng thе сrурtосurrеnсу market аnd rіdісulіng thе citizens.

On January 11, Justice Mіnіѕtеr Pаrk сlаіmеd thаt the mіnіѕtrу іѕ wоrkіng on drafting a сrурtосurrеnсу trаdіng bаn bill to еffесtіvеlу ѕhut dоwn cryptocurrency еxсhаngеѕ. Mеrеlу hours later, thе Ministry оf Strаtеgу and Fіnаnсе, whісh initially fоund out аbоut thе сlаіmѕ оf Mіnіѕtеr Park thrоugh media reports, fіrmlу еmрhаѕіzеd thаt іt dоеѕ not ѕuрроrt оr аgrее wіth thе personal ѕtаtеmеnt оf Mіnіѕtеr Park.

On January 12, thе Bluе Hоuѕе, thе еxесutіvе оffісе оf President Mооn Jае-іn, іѕѕuеd a рublіс ѕtаtеmеnt and an ароlоgу tо Sоuth Kоrеаn сіtіzеnѕ rеgаrdіng thе rесеnt cryptocurrency trаdіng ban соntrоvеrѕу, and nоtеd thаt a bаn wіll not bе imposed in thе short-term.

A ѕроkеѕреrѕоn of thе Bаrеun Pаrtу, one оf thе mаіn орроѕіtіоn раrtіеѕ оf thе Sоuth Kоrеаn gоvеrnmеnt, heavily сrіtісіzеd thе Mооn administration, ѕtаtіng thаt thе рrеmаturе ѕtаtеmеnt of Mіnіѕtеr Park lеd the entire glоbаl сrурtосurrеnсу mаrkеt to рlummеt іn vаluе аnd lеd tо bіllіоnѕ оf dоllаrѕ in losses.

“It wаѕ аn unассерtаblе behavior whісh dіd nоt tаkе the South Kоrеаn citizens іntо соnѕіdеrаtіоn. The trаdіng bаn сlаіm оf Juѕtісе Mіnіѕtеr park wаѕ a mосkеrу аgаіnѕt thе South Kоrеаn реорlе,” said Yoo eu-dong, thе Bareun Party spokesperson.

A ѕроkеѕреrѕоn оf thе Kооkmіn Party, аnоthеr орроѕіtіоn party оf the Sоuth Kоrеаn gоvеrnmеnt, аlѕо nоtеd thаt thе Sоuth Kоrеаn government rеmаіnеd ѕіlеnt аbоut cryptocurrency rеgulаtіоnѕ and overnight, dаmаgеd thе cryptocurrency mаrkеt with a false bаn аnnоunсеmеnt.

 

Another ѕроkеѕреrѕоn оf Jауоо Party ѕtаtеd that the Sоuth Korean gоvеrnmеnt fоrсеd thе public tо vіеw сrурtосurrеnсу investors аѕ uninformed gаmblеrѕ thrоugh the statement of Minister Pаrk, аnd сrіtісіzеd thе gоvеrnmеnt for thе recent іnсіdеnt.

Immense Eсоnоmіс Impact

Mоѕt of thе сrіtісіѕmѕ by орроѕіtіоn раrtіеѕ were tаrgеtеd at Justice Minister Park, whо fаіlеd tо соnѕіdеr thе іmmеnѕе economic impact hіѕ wоrdѕ соuld hаvе hаd оn thе global cryptocurrency mаrkеt. Thе ѕсаlе оf losses throughout the week wаѕ іn the billions, аnd more thаn 150,000 citizens hаvе ѕіgnеd a petition to rеjесt thе trading bаn bіll аnd rеmоvе Mіnѕіtеr Park from office.

The Sоuth Korean fіnаnсе mаrkеt іѕ rеlаtіvеlу ѕmаll in соmраrіѕоn to other major rеgіоnѕ such аѕ Japan аnd thе US. Gіvеn thаt the сrурtосurrеnсу exchange market рrосеѕѕеѕ more trades оn a daily basis thаn KOSDAQ, South Kоrеа’ѕ main stock mаrkеt, thе closure of thе cryptocurrency mаrkеt соuld dаmаgе thе есоnоmу оf Sоuth Korea at thе ѕаmе ѕсаlе аѕ closing dоwn the ѕtосk market.

Wіth thе rесеnt cryptocurrency trаdіng ban соntrоvеrѕу, the Sоuth Kоrеаn government hаѕ discovered thе есоnоmіс impact оf strict rеgulаtіоnѕ оn thе South Kоrеаn fіnаnсе market аnd as ѕuсh, it is unlіkеlу thаt the gоvеrnmеnt wіll іmроѕе regulations іn аbruрt mаnnеr.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Major Airline Bets On Crypto Payments To Increase Profit

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Norwegian Airlines is the low-cost air carrier that is headquartered in Oslo, Norway and is the new major airline that bets on cryptocurrency payments to increase its profit. As the latest news show, Norwegian allows customers to pay for air tickets using cryptocurrency now and hopes that it will help improve results of the company. An interview with the CEO of the crypto exchange Norwegian Block Exchange (NBX) in the crypto news today suggests this. As per the interview which is published by the local business newspaper DN, the NBX boss Stig Kjos-Mathisen said that “everything is ready from our side" and that the major airline is now prepared for the long-awaited implementation of ticket purchases with crypto. The communications director at Norwegian, Lasse Sandaker-Nielsen, was a bit more hesitant to offer specifics and only said that the team is "working on a solution, but we don’t have anything concrete to report about a launch.” The implementation of a crypto payment solution is seen as a new attempt which can help the airline further cut costs and improve its profitability, preventing the financial difficulties of becoming higher. Ever since the father and founder of the airline Bjorn Kjos stepped down as CEO, the major airline has been in trouble in terms of financials. Meanwhile, the NBX CEO further explained that airlines right now pay 1.5% to 2.5% of the ticket price as a fee to credit card companies and that this cost is carried by the consumer. Meanwhile, tickets are bought 30 to 60 days before a trip is made but due to credit card companies that withhold the payments until the time of the departure, the major airline is forced to arrange costly financing from other sources in the meantime.
“Both of these costs will disappear with the implementation of crypto payments,” Kjos-Mathisen said, expressing some optimism on the potential for the payment solution. “If this ends up being cheaper for merchants, and easier and faster for consumers, it can get big. It’s impossible to say how big, but we will be a serious actor who is early in the game."
NBX now supports trading in BTC/USDC, ETH/USDC, ETH/BTC as well as fiat trading in Bitcoin/Norwegian kroner. It is regulated by the Norwegian Financial Supervisory Authority.
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DigixDAO COO Shaun Djie Talks About The Future

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DigixDAO is not only known as a coin (DGX) in the altcoin news - it is also an impressive project which aims to present a new concept in the blockchain space. In times when decentralized governance remains a challenging topic mainly because of regulation, the DigixDAO COO Shaun Djie decided to talk to one media outlet and help us get a better understanding of some of these challenges. For those of you who are not following our news, Digix recently shuttered its DAO project after a user vote. Also, the project was one of the earliest to arrive on the scene after executing an ICO in 2016. The goal of DAO was to encourage the growth of projects around Digix and its gold-backed DGX token - up until the issues which included a controversial governance mechanism launched in 2018 which rewarded users for voting with the majority. More recently, members started expressing their dissatisfaction that there was no way to withdraw their funds from the DAO. This dissent led the Digix team to devise the "Project Ragnarok" with a quarterly vote where members could decide if they want to dissolve the DAO entirely. In the words of the DigixDAO COO Shaun Djie, even though the project will be dissolved, it does not mean that the DAO itself fundamentally failed. As Djie poitned out, there were no malicious actors and the governance parameters functioned exactly as they should.
"“Like every other token project, I think it’s fair to say that the distribution curve of [DigixDAO’s DGD] tokens is quite skewed, in that the top ten to twenty owners will naturally hold weight over the entire supply system. So, in the context of a DAO, this means voting power isn’t equitably distributed," he said.
One way to overcome this, as per the DigixDAO COO Shaun Djie, is to ensure that the long tail of smaller token holders is motivated to vote. He explained:
“A reputation-based voting system means that smaller voters could gain more voting power over time. Even though you may not have as many tokens, [if] you’re able to amass influence and reputation in the ecosystem, it gives you a bigger weight. The entire thing could be driven on the blockchain using identifiers assigned to your wallet address.”
Still, even he was quick to highlight a critical drawback:
“I think it’s something that takes years to build out. Managing the community’s expectation at the beginning is something we learned a lot about.”
While we are waiting for DigixDAO to shine again and present itself in a new light in the blockchain news, we will keep updating this topic in the news.
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Financial Giant Morgan Stanley Acquires E*Trade For $13 Billion

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If you have logged in today to see news on the topic of regulation crypto exchange and how countries are regulating crypto, this news story is quite connected and similar. As reports show, the major investment bank and financial giant Morgan Stanley is buying the online trading firm E*Trade Financial Group which would extend the bank's offerings to everyday investors. This $13 billion deal marks the largest takeover for Morgan Stanley since the crisis of 2008 which is why it is noteworthy in our cryptocurrency news. The purchase will also see the major investment bank get the 5+ million clients that E*Trade currently has as well as the $360 billion in assets and an online bank. As the Wall Street Journal reported on February 20, the financial giant Morgan Stanley will receive over 4,000 corporate customers as well as $580 billion of stock held on behalf of their employees. At the same time, the CEO of the company Michael Pizzi will retain its position and the company will keep its brand, retail storefronts as well as ad campaigns. In April 2019, E*Trade announced its official plan to begin offering digital currency trading on its platform, when it was related to the regulation crypto exchange news stories. At the time, the company was ready to offer Bitcoin (BTC) and Ether (ETH) after which it would also add other cryptocurrencies. As for the financial giant Morgan Stanley, they were in the Bitcoin news for trying to launch swaps tracking BTC futures since early fall in 2018 but did not receive a single contract by the end of that year. Nonetheless, the firm is ready to launch cryptocurrency services as soon as there is any sign of demand, according to sources familiar with the matter. The Wall Street giant postponed its plans to enter the crypto industry more actively as the value of cryptocurrencies fell at the end of 2018. One of their most recent attempts was the launch of Phemex, a new cryptocurrency derivatives trading platform in Singapore. The developers claim that this platform is ten times faster than the traditional crypto trading platforms - and offering 100x leverage to both retail and institutional investors in BTC, ETH and XRP.  
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Lumi Wallet Announces Direct Withdrawals To VISA For EU Users

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The multicurrency wallet known as Lumi Wallet has recently announced that it will allow users in the European Union to directly withdraw their Bitcoin (BTC) to the Visa credit cards they own. As we can see from the Bitcoin price news, the situation is not that good but features like these are certainly shaping up the regulaiton in a good way. Lumi Wallet also said that the new feature has been built with simplicity in mind and an easy-to-follow Know-Your-Customer (KYC) procedure. Transactions can be initiated quickly, which means that crypto enthusiasts don't need to jump through endless hoops. As the company noted, the current methods of converting crypto to fiat are not that practical. They are creating a "perplexing affair" which is not too dissimilar from the arduous process of getting refunds from an online retailer. Lumi Wallet is certain that selling cryptocurrency is the simplest way to exit a position. However, finding a willing buyer can be difficult and even in that case, the price they are willing to pay might not be reflective of the real price of the asset at the given moment. Additionally, the company behind the wallet says that there are a lot of safety concerns if a would-be buyer has dishonest intentions and by the time a transaction has been finalized, volatility in the market might mean that your crypto is worth substantially less. Ultimately, the issue that Lumi Wallet is trying to face is that middleman appear to have embedded themselves in the process of buying and selling cryptocurrencies. When it comes to exchanges, the company believes that there are several downsides having a negative impact on consumers. The team behind the wallet acknowledges that crypto can be intimidating for newcomers and adds that the goal is to demystify the burgeoning industry and make it accessible for everyone. Through a dedicated blog, the company has made a concerted effort to offer a back-to-basics education for people who are exploring the blockchain and cryptocurrency space for the first time - offering posts which explain everything from how decentralized finance works to the key distinctions between types of crypto wallets and other topics. As Lumi Wallet said, all of this could help and build the levels of confidence and credibility that crypto needs and encourage people to purchase coins and tokens for the first time.
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