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In early November 2020, Bitcoin surpassed $ 15,000. 16 million won in won. Bitcoin was around 10 million won in the summer of 2019. In March 2020 it collapsed along with other stocks due to the crown crisis, but has started to rise again and has now surpassed 16 million won. It was in the second half of 2017 that the bitcoin craze broke out in Korea and around the world. Bitcoin, which was 1 million won in January 2017, surpassed 6 million won in the fall of 2017. There was a speculation fever and Bitcoin has become a big problem across the country. That bitcoin was over 9 million won, and over 10 million won was treated as major news by the media and broadcast.
As the bitcoin craze exploded, the history of regulation began to emerge. At the time, the Minister of Justice announced that he would abolish cryptocurrency trading and completely banned the issuance of new cryptocurrencies. Although it has announced regulations on cryptocurrency, the price of bitcoin has not dropped, but has continued to rise. Stricter regulations continued to be announced. Eventually, it even regulated banking transactions on virtual currency exchanges. It banned the issuance of bank accounts that allowed cryptocurrency transactions and ultimately made it impossible for new entrants to purchase cryptocurrency.
This strong regulation on bitcoin and cryptocurrency continued because bitcoin was seen as a scam, a pass, and a speculation horse. Bitcoin is said to replace the currency, but that’s impossible. Bitcoin is a phenomenon created by speculators who simply aim for a price difference. Good people had to be saved from bitcoin scammers, so that many regulations were announced.
At the time there were also many people who were opposed to the regulation of bitcoin. Bitcoin has opposed the regulation of bitcoin because it is a new phenomenon, it is the future and the blockchain technology linked to cryptocurrency will drive the fourth industrial revolution. However, these claims have not been accepted by regulatory supervisors. It was the perception of regulatory supervisors that the value of bitcoin was zero, that it will disappear in a few years, and the bitcoin phenomenon is an illusion.
In January 2018, the cryptocurrency plummeted. Bitcoin, which had risen to 24 million won in Korea, dropped to the level of 4 million won in the fall of 2018. It felt right that Bitcoin was just speculation and fantasy. Neither the government nor the media were interested in Bitcoin anymore.
But after that, Bitcoin continued to rise. It didn’t skyrocket like 2017, but it gradually increased. In the end, it has now surpassed 16 million won. When it surpassed 16 million won in 2017, the whole of Korean society was in turmoil, but now it’s quiet. Bitcoin wasn’t a version of speculators looking for a price difference, and it wasn’t an illusion that it would disappear after a year or two. It wasn’t a digital sign of any value. If so, wouldn’t it be possible to trade at a price of over 10 million won worldwide for several years?
How did those who claimed bitcoin was a scam in 2017 and insisted on strong regulation and implemented it now? Do you still claim that Bitcoin is just a scam and speculation? Nobody knows what Bitcoin will look like in the future. It’s a new technology and a phenomenon that hasn’t been there. Nobody knows the future of these technologies. But why have regulators created so many regulations with the strong belief that bitcoin is just an illusion?
Nobody knows the future. Isn’t it ridiculous to settle things you don’t know for sure? At the time, comments from Korean regulators such as “Bitcoin is a scam” and “Bitcoin will disappear in a few years” will be cited as an example of criticism of how confidently Korean regulators at the time regulated.
The future must be open. From that point of view, we need to regulate. You shouldn’t be regulated in the way you know the future.
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