Over the last 24 hours, a lot has happened, as we now see every day. One story in today’s Daily Wrap Up that is of extreme interest to many, is the recent sharp drop in the cryptocurrency markets. This was due in large part to some very specific actions by governments across the world, and in my opinion, was a direct attack or response to the growing community of those wishing to conduct their lives and financial actions away from the ever-watchful eye of their controlling and overbearing governments — as should be their right. In particular, it was due to two cases involving the attempted restriction, control and intervention of the flow of cryptocurrency.
Litigation was filed in India for immediate intervention of the flow of Bitcoin, and in South Korea, regulators are inspecting 6 banks, including Industrial Bank of Korea, that provide virtual accounts to companies related to cryptocurrency. Both cases revolve around the allegation that cryptocurrency, Bitcoin specifically, is being used to facilitate money laundering, drug trafficking, and a litany of other crimes, while failing to recognize that their current government-approved currencies are doing the very same thing, and in many ways, at their behest.
Bloomberg reports that South Korea’s Financial Services Commission Chairman Choi Jong-ku said in a speech text:
- There’s high possibility cryptocurrency transactions could be used in money laundering.
- South Korea to suspend virtual account– related operations of banks if they are found to have broken laws related to cryptocurrency.
- Regulator also strengthen probe into cryptocurrency exchanges over price manipulation, money laundering, pyramid scheme.
- Side effects of cryptocurrency “serious”; regulator will consider all measures including shutdown of cryptocurrency exchanges.
- Cryptocurrency fever in S. Korea is much stronger than other countries; regulator won’t let S. Korea take the lead in abnormal cryptocurrency trading.
Following these one-sided and hypocritical accusations, or rather in spite of them, the cryptocurrency market saw a strong recovery, showing us yet again that this is not some bubble that will pop at the first sign of governmental pressure. This is a revolution that simply can no longer be stopped.
Yet the question should always remain, was it created for good? Could it be a backdoor manipulation of the people? And at this point, does it even matter anymore?
At the end of the day, it matters how we use it and apply it to positive means, just as we did with the Internet — as well as in which cryptocurrencies we choose to invest. The focus must always be on decentralization and peer-to-peer activity. Ripple, in my opinion, is not that solution. Stay Vigilant.