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Sоuth Korea’s Crурtосurrеnсу Fiasco is Fuеlіng a Political Cоnflісt

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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.

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Altcoin News

BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’

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The BitMEX CEO Arthur Hayes, who has always been a topic in the latest cryptocurrency news, is now with a new statement where he points out to traditional traders. As Hayes summed up, traders may lose lunch breaks and weekends as digital finance is going to change everything - including workplaces. Hayes was featured in a Septemebr 19 article on Bloomberg which was featured on many best cryptocurrency news sites. In it, he noted that cryptocurrencies trade 24 hours a day and 7 days a week. He also summed up that this will end up affecting “everything from traditional equities, bonds and currency trading, to the way payments are processed and recorded.” The BitMEX CEO Arthur Hayes also made his remarks at the Milken Institute Asia Summit held in Singapore. He added that “traders may even lose their lunch breaks and weekends as traditional assets absorb some characteristics of digital ones" and fully backed up this statement by saying:
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”
It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.
The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
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Altcoin News

Upbit Exchange Delists Privacy Coins Including Monero, Dash and Others

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Upbit Exchange
The major exchange from South Korea is in the latest Bitcoin and altcoin news for becoming the latest one to delist privacy oriented coins. The Upbit exchange decided to follow the moves of Coinbase this month and delisted a slew of privacy coins based on the recent regulatory requirements from the international body - the Financial Action Task Force (FATF). As the notice from the South Korea exchange officially showed, the transaction support for Monero (XMR), Dash (DASH), Zcash (ZEC), Haven (XHV), Bittube (TUBE) and PIVX (PIVX) will be put to an end on Monday, September 30. Upbit exchange announced its investigation of the six coins earlier this month. It seems that the exchange was determining if the privacy coins met the requirements listed by the FATF guidance issued last June. The latest cryptocurrency news also show that privacy coins conduct transactions on public ledgers without exposing the address or identity of an individual. Aside from Upbit exchange, there were other exchanges which also started delisting the coins as well. Examples include Coinbase and Zcash from this summer in the UK - and the Korean exchange OKEX which dropped five privacy coins earlier this month. Upbit wrote on its company blog and said that money laundering and the possibility of inflows of privacy coins were the leading reasons for delisting.
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-asset, Upbit has only supported transparent withdrawal/deposit support. Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset.”
Now that Upbit exchange decided to delist the privacy coins, the coming altcoin news show that coin prices are starting to drop. According to Messari analytics, the Zcash price dropped over 50% since July 1 joined by Monero, which has been down near 20% over the same period. Still, the exchange delistings and price drops have not necessarily slowed privacy coin tech development. Over the past month, the Electric Coin Company by Zcash released Halo which is the long-awaited zk-SNARK which can verify a single blockchain in one proof.
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Altcoin News

Swiss Exchange BiboxEurope Launches Referral Program (With Up to 80% Gains)

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The Swiss exchange BiboxEurope is in the latest cryptocurrency news again for announcing a new set of benefits for its users. The benefits come in the form of a referral program which enables the users to make the most of their offering. As the updates show, the program went live on September 18 and should conclude by the end of October 2019. The users participating in the Swiss exchange BiboxEurope Referral Program can earn up to 80% in commissions by referring their friends and family to become part of the Bibox community. As the coming altcoin news show, the BiboxEurope Referral Program follows two other attractive announcements made by the company since its launch two months ago. First of them was the free deposits into the account, along with industry-low fees. The second announcement was the launch of the Insta-Buy feature which enables users to purchase cryptocurrencies with credit cards at unmatched rates. Basically, the Swiss exchange BiboxEurope and its Insta-Buy feature witnessed a huge rush on the opening day. As such, it forced the company to briefly suspend the functionality to boost their infrastructure so that the platform can handle its higher demands. The feature was later reintroduced. As many best cryptocurrency news sites show, the Swiss exchange BiboxEurope and its new referral program has the following rules:
  1. Every user receives 80% in referral commission by inviting their friends to trade on the platform.
  2. The commissions' token type shall be subject to the transaction fees incurred.
  3. There is no upper limit of the number of invitees.
Throughout the total duration of the program, the Swiss exchange BiboxEurope will be updating the referral and commission histories every day at 8AM (GMT+1). The referral commissions earned by users will also be distributed to their respective accounts on the next day at 10AM (GMT+1). In short, the rewards earned by users will be directly proportional to the trades executed by their referrals. The greater the number and size of trades by the referral, the higher the payouts will be for the users who referred them to the platform. You can learn more about the Swiss exchange BiboxEurope and its Referral Program at the following link.  
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Altcoin News

BTC Owners Giving Away Altcoins To Support TOR Project

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In times when the crypto sphere is buzzing and when there are new price updates in the Bitcoin and coming altcoin news, no one would expect cryptocurrency holders to give away free crypto, right? Well, it seems like BTC owners think differently - they have been donating altcoins to the TOR Project - a nonprofit organization which is primarily responsible for running "The Onion Router." As per some Bitcoiners, this is a trend that is a way of killing two birds with one stone. On one hand, it supports the TOR Project and on another, it gets them rid of "shitcoins" as they label them. Also, the BTC owners appear keen to extend the running gag of altcoins being worthless. Many best cryptocurrency news sites earlier this year showed that people should support the TOR Project. Even the co-host of the "Tales from the Crypt" podcast Matt Odell tweeted, urging people to support the project with donations. This is where the entire frenzy started and how BTC owners began donating altcoins. As Odell back then said, "donate shitcoins. stack sats." In the news today, we also have Sarah Stevenson, who is the fundraising director at the TOR Project. She initially thought that the donations were coming from members of the Stellar community, mostly because of the influx of XLM tokens. However, the BTC owners corrected her conclusion, seemingly opposed to letting their attempted ribbing to go unnoticed. They piled onto the thread soon, dropping Twitter phrases such as “perfect destination for my airdropped shitcoins” and “sounds like a good place to dump my shitcoins.” Some of the donations by BTC owners also came from recipients of the Keybase XLM airdrop, the altcoin news today show. As we previously reported, the encrypted messaging platform Keybase partnered with the Stellar Development Foundation, launching a $120 million airdrop. Right now, BTC owners are seeing these donations as something that benefits the TOR Project. Stevenson said that they appreciate all of the donations, regardless of the subtext.
“I am generally a peace, not war kind of person but I welcome any activity that draws attention to the importance of financially supporting the Tor Project. Everyone benefits from the privacy and anonymity technologies we develop and maintain. As for the tangible value proposition for altcoins, I'll plead the fifth because I prefer to be friends with everyone," she concluded.
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