Stupid move on the politicians and bankers' side. They could end up starting another violent civil rights movement. It has happened in the year 1980 with 100K students and others in Seoul. Unfortunately, a lot of people got hurt, some killed, and it was their government that had imposed on them of democritisation after their previous President was assassinated. This is just one of other incidents that the nation had an uprising against government abuse and especially when that abuse hindered their liberties or physically abusive. Wikipedia, although isn't always correct, did a fair report here; see Gwangju Uprising.
The other matter is that the banks lose if they don't do business with the clients needing the money. This is because if people are able to borrow money to buy and trade cryptocurrencies as they do with other commodities, then the banks stand a chance of making money on their application fees, if any, and interest even if it's short term.
Therefore, halt of business, would also mean less earnings for the banks. Afterall, in business, don't they want to have multiple streams of income? Then this would be a newly added stream for the banks.
Another point is that people when the people are cut off from the banks, then they will wise up, remembering historically how trade used to be before a banking system. They will buy and trade cryptocurrencies, and use same for purchasing power of goods and services, thereby, bypassing the Korean Won( ₩ ). I could remember some years ago when the Korean Won was 800₩ to 1 USD, but individuals were willing to pay 1,000₩ for 1 USD; then, what do bankers and politicians think the Koreans will do?
Very good point
i'm a korean and i can assure you that there will be no violent civil rights movement here. at least not regarding cryptocurrency. the people support centralization too much to lose blood over anything like bitcoin. the incident you're talking about is a very different story which doesn't say much about the recent ico ban. south koreans love giant corporations, their dirty politics, and support the government that takes their money. i dunno about other countries but korea will certainly be one of the very last to accept bitcoin or any other cryptocurrency.
I hear you. I knew that generation which I spoke of. I hope you are right, but I knew the potential when government oppression happened against students there. By comparison, I don't think most of the nation's students were directly involved in that riot. Sure the story, I mentioned was technically different, but I was referring to the principal of the matter. It probably won't happen as you've said; besides the NWO bunch saw to it through educational indoctrination and to make sure the newer generations are especially docile lemmings through the poisoning of the food and water as they've done in the USA with fluoridation of the water and too much soy(another story on estroginaition).
As far as the cryptocurrencies goes, it's a fast growing phenomena to which you can get at ATM's in UK and Europe, and I heard rumoured to be in New York City. It won't be long once the Koreans learn more about it that it'll take on there more. I know how you mean on your opined observations of Korean culture in general which I once lived.
Oh another thing...cryptocurrency is a big hit in Japan; therefore, it will influence the Republic of South Korea for sure.
great insight on one of the most isolated places! i mean there's dprk on the north and the rest is the ocean. and i know it's not easy living in korea as a foreigner so i have a lot of respect for you. south korea will eventually accept cryptocurrency. 100%. but it will be a currency made by a company like samsung or hyundai and the pattern is that people will embrace it even if it means giving up their privacy. thanks for explaining your views. i love lengthy conversations. especially with a bottle soju.
Soju! Haha. Yes I think you're right about the Samsung or Hyundai likely to do something with cryptocurrency, and the lemming mentality of, I suppose, the general ROK population. My observation of the new world order faction is to enforce education, mental conditioning "to be good citizens is to go along, follow along so there will be no trouble for you serfs."
yes the "follow along" idea is so strong here i don't think i've seen anything like it in other places. you have 20 year olds having the same views that a 90 year old might have in other countries. it worked back in the 70s and 80s. did wonders. but i doubt it's gonna work again in 2018.
Great point