Looks like the South Korean government there has decided to prop up their revenue by taxing crypto trading instead of banning them outright. They are proposing corporate and income taxes on the country's cryptocurrency exchanges. Currently, all corporations with income over 20 billion won (~ $19M USD), have to pay:
- 22% corporate tax
- 2.2% local income tax
Smart move by Korea
Looks like Korea knows how to pass tough legislation First, they start with an extreme position like banning the trading of bitcoin and other cryptocurrencies. Just when everyone is at peak outrage, they 'relent' and propose slightly less draconian regulations and everyone is happy. Well played!
What it means for the rest of the market
The doomsday predictors have been out in full force since bitcoin and crypto started sliding, with some predicting that bitcoin would lose up to 90% of its value. If you've been HODL-ing, such predictions might have given you some pause, even if you were a true believer.
Now that we have some clarity that two of the biggest crypto markets, Japan and South Korea, are not going to be passing drastic regulation banning cryptocurrency trading, i think we should be seeing some market stability around the current levels. Personally, i'll be HODL-ing at these prices and if we do see a 20-30% dip from here, possibly add a little stake in Ether or EOS. Fingers crossed!
This is going to be good news for everyone, hopefully lots of green instead of red!!!
Indeed! I hope this is the start of the tide turning.
It's always good to buy on the dip. Like the move with Ether and EOS, personally like BAT too.
I've gotten in and out of BAT. Sold at around 60c and missed the move up. I sold it because i didn't like the Brave browser and that test they had with incorporating BAT more than for any technical reason.
I've just been buying as much as I can since 13c. I like the brave browser made the switch from chrome. I like the whole concept behind it, ads can get a little ridiculous nowadays. It's perfect for youtube no ads before videos whatsoever. I think they have a lot of potential and are undervalued at the moment.
Regulators and policymakers around the world will relent. Unless of course you are in China, even there crypto won't do away, it will be black market. Blockchain and crypto is here to stay for so many reasons.
Most developed nations will embrace it in the long run. Peace out steemit peeps!
Hard to ban cryptos and they don't want to get too draconian because there's some good technology behind it.
how do you think about the decline in bitcoin prices lately ?, and what do you think about bitcoin in the coming days?
Bitcoin's tough because i think the technology behind it is pretty old and only gets its premium because it is the base by which all other cryptos are measured. I think it will still rise with other altcoins but its dominance will decrease.
This post has received gratitude of 1.56 % from @appreciator thanks to: @numpypython.