The only reason i am writing this post is because i feel that lately there has been a lot of fud spread as a result of the south Korean news on banning all trading in the crypto currency space.
I have always considered BBC and CNBC as reputable sources till today but the actions of yesterday show that what they were doing was intentionally spreading FUD without citing official resources.Now i still consider them to be trusted sources but that doesn't excuse the fact that what happened yesterday was blow out of proportion.
Now i agree that the Justice minister did say that his ministry was planning a ban on crypto currencies , but what the justice minister says is not by any means final representation of the Country as a whole.The justice minister is a single entity representing the stance of that specific government body and not the country as a whole.However we saw that news agencies overlooked this entire concept and continued tor report it as though the crypto currencies Ban was a done deal.
After doing some research i found that South Korea's Presidential office said that the bill has not been finalized yet.I also found out that South Korea would need to get a majority of its National Assembly to vote for it to be passed as a law.The national assembly is made up of 297 members and i do think that this process could take months or even years but before this process starts the presidential office should come out with a statement stating that they do indeed finalize the bill if they intend to do so.
All this being said i am very aware that they're are a lot of scams in the crypto currency space and i believe a good amount of regulation is in favor of the community as a whole.
Some tips for being more well versed to combat the FUD
Often represented with a Blue tick mark on Twitter
This will help you out tremendously
Unlike Traditional stock markets crypto's run 24X7 and that is why they are so much more volatile and can be affected by news,make sure you are making a correct assessment of the situation at hand.
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