Bitcoin Forum

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/

Updates to follow as we receive them...

If you were to actually go ahead and read this entire thing you'd see that everyone who uses these cryptocurrencies are now going to be under the view of them the government and open to regulation, this isn't something that we want in the least. I'd rather be in a gray area when it comes to where my business is rather then them being able to just go right ahead and tax my crypto and my business into oblivion.

They even made a cryptocurrency / digital currency task force which is simply going to be able to impose regulations on us, this is a horrible day for us.

Lol @ all of these [BREAKING NEWS] clickbait titles recently. At least they are usually interesting.

This is another country added to the list of wanting to legalize bitcoin. I wonder how effective they could be on trying to track those who evade tax through bitcoin or cryptocurrencies. I think it will be a challenge to korean government to do so.

Wow, it looks like Asian countries are on a march to regulate bitcoin. In the last two years bitcoin worth 1.92 trillion Won was traded in South Korea. I guess with such a big trading volume the catalyst for Korean government's decision to regulate bitcoin is:


Electronic Financial Transactions Act, income and corporate tax thus preventing tax evasion and boosting transparency.


Guess a price surge is on the way.

I think this could be positive because it could attract investors to bitcoin. If people see bitcoin as accepted by their government, they will probably not be worried about it failing. I can see you point that it can be partly negative news, but I also see the upside to this announcement.

I have said this a few times in the past, but  wanted to make my point again.

The other countries have many different sets of laws. The USA usually it is assumed we can do something until it is made illegal(as long as we aren't hurting anyone mos tpeople assume this).

In other countries most average people will not do something unless it is already defined as being legal. They don't take the chance, because in those countries where a law isn't already written you can still get into legal trouble due to it NOTbeing define.

This is a great thing to have happened.

Correct. Trading volumes in South Korea is very high and their was a time the their is 100$ more premium bitcoin in their exchanges. So its no surprise that they are heading to legalization of it in their country. This will bring a positive news to the crypto market specially bitcoin. Let's observe how this pans out.

What about North Korea? Haha all kidding aside - they're busy counterfeiting U.S dollar bills (that are very hard to detect by the way). That's good on South Korea making these great moves for blockchain adoption. Bitcoin to the moon!

That is hot damn news ! We should litterally fill our bags before a totally irrational pump happens. For me it is Japan that fueled the last pump, and now a new one could occur, even more bigger than the previous one, because South Korea has for me more potential than Japan.

The fact they created that task force, does not mean they are going to succeed, governments can create as many regulations as they like but that does not mean they will be able to track the users, I do not know the policies of exchanges in South Korea but I guess someone could take the right precautions to avoid disclosing your identity.

Following Japan, South Korean parliament demonstrats divergency with US legislative power policies in relation to crypto. It's getting not so easy to declare bitcoin out of law worlwide.

Yes bravo!That's a good step already..before Japan and now South Korea.And maybe by no means it will reach to our country soon.Legalization would only be possible if the government would see its potentials and positive feedbacks and i'm pretty sure bitcoin has all that.

Good for us but sadly too bad for the users living there.
I hope my country doesn't make that decision.
Truly, what is the idea of the South Korean government to make this happen?
Is this really for bitcoin users and the countries economy or is it just for their pockets opinion.
If you will ask me this is some scary sh1t. A great news or a bad one?
A dive in price or a rise? Think of it thoroughly.

I am all up for major countries legalizing bitcoins as long as the prices dont come crashing down due to their regulations, which will eventually benefit the government instead of the people.

I think it would be interesting to see how all these countries like China, Japan, India, South Korea and maybe a few more legalize bitcoin. I don't think bitcoin has anything against any law but most of the governments of various countries or governments of almost all the countries in the world find it difficult to digest the fact that something which is decentralized and has no governmental control over can replace their centralized currencies.

This law will give any preference to BTC.
Presence of bubble is published in the same "news" text.

I don't want to be overly optimistic about it. I learned that it is better to wait and see how this new legalisation process will look like.
let's just hope that we won't see some ridiculous law which will curb bitcoin adoption rather that increase it among society.
I am excited - after Japan, now Korea, and we may see another price surge caused by massive nationwide adoption! 

What is supposed to mean, maybe they would adopt it but it is already hot in Korea. I would see a lot of people cry, because bitcoin already so high and no one expected to go higher.

Make some picture of them.

I don't know where you live but only if governments legalize the use of bitcoin as payment and not only as commodity people will be persuaded to use it. Otherwise they will keep is as digital asset instead of gold. As far as it concerns the price you could see the fluctuations of any fiat money even the strong ones.

Japan has been a great source of growth so far, but that doesn't really mean that other countries will contribute towards more growth in the same way.

I think if enough countries follow the footsteps of those that already legalized Bitcoin, then in the long run it will translate into a market that constantly increases in value as the demand keeps rushing forward.

On the other hand, while countries legalizing Bitcoin is a great thing in general, it has more or less become a hype. People will hold on to everything that they think is capable of increasing the price significantly.

Oh I really like that because now I hope that bitcoin price will grow really fast and we will able to see bigger and bigger bitcoin pumps which will give us even more profit on trading with bitcoin.

This is a good news and an opportunity to make bitcoin mainstream..
I think other countries will follow Japan and South Korea sooner or later ;)

So all the Asian countries are taking over bitcoin by legalizing and it will create some interest for the citizens and i do expect some heavy investment like we saw when Japan legalized bitcoin and more people will start investing in bitcoin which could make some difference in the price of bitcoin.

Somehow this news about legalizing bitcoin is good and bad at the same time for us and for people who lives there using bitcoin. The news is good because it might boost bitcoin's growth and it will be used by more people soon because it will be legalized by South Korea, therefore many who lives there might try to use bitcoin too. The bad news is that bitcoin would be regulated there and also it will be taxed. Anyway this is only a bad news for people living there that use bitcoin before this happened.

           

Not possible. Government will most likely go on extinction in the future. They can't escape it. We  will all be bound by thesame law one day. Cryptocurrency is only the beginning. More powerful programs are coming.

Funny that people translate "regulate" to "legalize". This snip explains it better: https://www.snip.today/post/new-south-korean-bill-will-officially-regulate-cryptocurrencies/

Regulate =/= legalize.

this is a similar law that the Indian government has announced recently, and people said that they were going to legalize bitcoin when really it's just putting up more restrictions for the bitcoin traders out there.

Now, is this really good news? Probably not. As we all know, korean exchanges have historically been overpriced. Reason being very tight capital control, if this was to regulated any further then bitcoin in korea is going to be even more expensive, and noobdy can buy it without taking an instantaneous loss.


Thanks, i find that a lot more accurate.

Well... I don't really know whether this is good news or not. It is certainly hot news, but a government regulating bitcoin is a two sided sword. Yes, merchants are encouraged to use bitcoin, and it is also beneficial for exchanges to operate on grounds that they will enforce KYC laws strictly. But then, it'll actually be harder for users to actually use bitcoin in their country becasue they'll have much stricter control over their wealth and government will just keep on stalking them to see how much bitcoin they have.

Japan and Australia legalized bitcoin, because they took off taxes and didn't add new regulations. India and South Korea on the other hand, aren't benefiting the actual users of bitcoin at all. They just want to have a grip on bitcoin, before it overtakes the fiat economy.

Looks like the asian countries are making a move. This is good and bad in my opinion, since it will benefit bitcoin with even more media attention and more merchant acceptance, but bad for the government who now landed themselves an issues. People will definitely use bitcoin for tax evasion and the Korean Government is going to have a hard time stopping it.

It is good new on the whole though, great to see more progress made for bitcoin to become mainstream and accepted worldwide. Hope to see more updates later on.

If you are a little bit realistic you would realize that bitcoin will never go mainstream if it is in a gray area.
It needs to be regulated else the big money will/can never enter.

well uh it mean that you can use bitcoin as a currency like in japan, which is huge because it open the door, for more adoption, everyone would try bitcoin now without fear their government


in fact it was never illegal to beign with, it was not regulated, currently bitcoin is illegal only in few country like bangladesh, all the other just need to regulate

Everything's going great for bitcoin and also for us that 100% supporting it. I'm just thinking why does that asian countries make the first move on legalizing or regulate it? or maybe they are just future-minded people.

I don't know but the West are in danger of falling behind legislatively.

Bitcoin could not live in a vacuum, that is for sure. It has to go mainstream no matter how slow the process can be but then along the way it has to compromise a little there and a little here. Recognition from the government can mean some regulations not on the technical side of Bitcoin but as to its use and for tax purposes. However, the most important thing is the net gain which such "legalization" or recognition from those who are in authorities can bring.

We all live in a world of compromise. If it can mean that we would all be required to present documents by Bitcoin services providers, then so be it. If it mean we would be taxed by Bitcoin-related transactions then we actually have a moral and legal obligation to do so, not just with Bitcoin actually.

The most important thing is that transactions can now be done under the bright light. How much an inconvenient it would be if any government would ban the use of Bitcoin and prosecute anybody doing business with Bitcoin.

We don't live in a perfect world and even Bitcoin is not perfect.

eh, i'm sure you realise this as well, bitcoin is simply going to be more regulated than it is right now.

Not exactly good news, we hate it when governments try to tighten their grip on policy regarding bitcoin. In fact, this is more like bad news.

I'm sure that S. Korea alongside India is just going to make the price of bitcoin in their country more inflated. As we all know, south korean and indian exchanges have the most outrageous exchange rates, often 10-20% higher than actual USD/BTC rates. The more regulation they put in, the more people are going to move towards p2p trading, though. Just like china has done when the central bank did a similar thing.

This is just another big bubble news story. Korea will will not be a part of Bitcoin in any way other countries are actively contributing.

At best they are gonna take the idea other have been working on for years. Since in my opinion bitcoin itself at the moment is stable (minus the transaction madness), its probably a good time to take advantage of the technology.

It's very good news only I'm more interested in it is also growing and accepted in many communities in every country, i think it will be cool

The problem is South Korea isn't legalizing bitcoin at all. Bitcoin was already legal in the sense that it wasn't illegal, you wouldn't get policemen knocking on the door before. To my understanding it was somewhat of a self regulated industry before this.

However, now the government is going to regulate the exchanges themselves. This will probably mean that a lot of exchanges will be forced into complying with super strict AML laws, and exchanges will go out of business because no bitcoin user wants to do this.

Is this really legalizing? No. It's simply putting more and more restrictions. It generates recognition, but it doesn't do anything positive, practically speaking, if not just completely negative.

I can't confirm whether this news is true or if Bitcoin will ever become a legalized method of payment in South Korea. But if it happens, then the exchange rates are going to hit $3,000 per coin. If Japan can take Bitcoin from $1,000 to $2,500, then South Korea can take it from $2,500 to at least $3,000.

Precisely sir. This news is not so good for me. They setting some rules to mandate the tax from bitcoin. All the transactions of bitcoin enthusiasts will be under them to monitor. The anonymity will be lost sooner not later. Hope in my country will not legaliize or regulate bitcoin. Just leave bitcoin to us. This news will bring pros and cons to the community.

Before one gets happy or sad this lines deserve to excite you, citing the need to address “digital currency’s nonexchangability to other existing currencies” and intriguingly, “the possibility of wrecking havoc on national economy from digital currency bubble burst.

As we can read they feel Bitcoin can destroy an economy, and they are running scared, which only shows how powerful it is. But they are mistaken. Can't help them and it's sad for every trader cause now they will be under constant threat from the government sad day for Bitcoiners in South Korea.

Legalization of bitcoin in South Korea is probably for the government to implement tax on those who uses bitcoin and Etherium since the government does not have direct control over these crytocurrencies. As per stated in the article that South Korean government were facing issues on the tax evation and money laundering in terms of digital currency transactions. But ofcourse, if this happens, it will surely cause bitcoin to pump up its value but somehow will give a negative effect on the part of south Koreans who uses bitcoin.

I am extremely happy to learn that south Korea going to legalise bitcoin.The only way we can push up mass adoption is governments accepting the existence and importance of bitcoin.

Great move! Koreans have gone past the “if” phase of virtual currencies, and even the “when” phase, and is now at the “which” phase, as in, “which virtual currency is most useful for my needs?” For some use cases, Bitcoin is the answer.

If tihs news is true indeed, then this could push the price back to $2,800 easily since this legalization will  make it more appealing to the typical users in South Korea, those who are still apprehensive about bitcoin and other crypto currencies. But this would also mean that they will be taxed for their transactions and pseudonymity would have to be given up. If that is ok with the common users, then this is all good news.

Although some people say in this thread that this is rather regulation than legalization and that it's a bad thing, I disagree with them, and I think it's a good thing. As the article suggests the effect of the regulation will be the legalization of the cryptocurrencies like Bitcoin and Ethereum. Thus much more people will be using BTC and ETH and with greater adoption the price will rise.

Nice! I think a lot of countries will
soon legalize and accept bitcoin.

We constantly see in the news that someone wants to legalize bitcoin, but every time we don't see action. Only intentions. I agree that legalization will increase the popularity of bitcoin, but at the same time will give a legal base for collection of taxes with crypto, and that's very bad.

What do you mean, we have seen lots of action and bitcoin is well regulated in many countries now. And if you are a law abiding citizen then taxes is definitely not a bad thing for you.

My government is still indifferent with bitcoin, so the possibility to legalize bitcoin here still takes a long time. When there is news that another country will legalize bitcoin, one thing that comes to my mind is the possibility for bitcoin demand will be higher, therefore, the price will surely rise. Of course it will make bitcoin holders feel happy including me. For now, I do not care about the other side effects.

A good as well a bad news altogether coming from south Korea. The plans of legalizing bitcoin usage is quite appreciable, but at the same time around 880000$ worth of bitcoin being stolen from an south Korean exchange simply a bad news and this makes panic among common people regarding the security of using bitcoin.

I am very happy to see another country is attracted to bitcoin and want to legalised bitcoin, it sure going to make bitcoin popularity go up and the price will also up because there will be more demand, but I see the word "regulate", that is something that I don't like, regulating bitcoin will make bitcoin like fiat, but eventhough with regulation bitcoin demand will still going up

It is not a surprising news for me because bitcoin is already noticed by a lot of countries in the asian part of the world and some of the non asian countries are also moving and they are also legalizing bitcoin because of the belief that bitcoin can help them in economic development for the different individual and also for their overall development.

You really do not need a government approval to be mass adopted,you just need a simple tutorial informing the public about the positives and the incentives and the freedom you have with bitcoin and if you are able to do that then you will attract more people.

Like you, I can not confirm the news, however, I think it's incorrect, let's say other countries like USA, China, they are leading countries, but they have not done yet. Be that, so i think korea will not do it.

You didn't understand what the legalization of government means. Many people knows bitcoin but to use it because it seems an illegal and by the approval of government means boosting the confidence of all people to invest on btc because it feels safe. It is not just about teaching people how to use is enough to made them convince to invest in something that new to them.

How can you legalize something what wasn't illegal beforehand?!
This is misleading imo. It's all about regulating the on ramps to the crypto currency space.
Some may see this is a good sign, others not. I'm not sure if South Korea will go the way Japan did.
Guess we will have to wait and see what the future brings over there.

Another country to want to legalize Bitcoin, maybe it will not affect so much to the markets and investors but when a county starts to accept Bitcoin, that will attract  investors to make investments in Bitcoin.

The bitcoin Asian market is really huge and if you look at the volumes in trade you will understand and with bitcoin being legalized i am pretty sure that it will attract more investors and business in this platform and it might increase the price of bitcoin as you might see more investments coming in solely because of that. I just want to see how the market reacts this month as we are going through a tough phase ,not in totality but the bull run has settled for now.

As we can all heard in the news, Bitcoin is being legalized by countries one by one. I wonder if the news is really credible or it is just made to have a hype but still it might come the time that South Korea will really legalize Bitcoin. This will have an impact to some people because they will be aware of how Bitcoin is becoming a currency to some countries and it's popularity will bloomed, the problem here is the regulation of that country to btc. It still depends on how they will regulate btc. I hope that some countries who will follow Japan's footsteps will regulate btc as good as Japan or else there is no use if it's the same old brand new system like the fiat. It's good to have bitcoins but it's sad to think that government will make it like the fiat again.

What a great news for South Korean people specially Bitcoin holders, so far I know Japan was the first country to legalize Bitcoin ever. South Korea is the second of this list, it's a new era of this platform. Hopefully it'll become a number one virtual currency in the future...

I would believe this story when I see some official communication from the government of South Korea. "On the verge of legalizing" is not the same as "definitely legalizing". Nowadays, most of the crypto-coin news sites are after sensationalist stories, and they can twist the facts or hide some of them.

South Korea added to the waiting list.

I was saying this type of scenario when Japan started accepting Bitcoin as a mode of payment. Based from my previous deductions, Japan triggers the wide acceptance of Bitcoin in the Asian countries. And the current news about legalization of Bitcoin in India and South Korea just justified that my claims is true. Bit by bit, country by country, Asian countries are starting to recognize the potential of Bitcoin. And by this happenings within just months, no doubt that we will not wait any longer and we will see Bitcoin soar up high like a rocket in the sky.

wow, i think so like you but i say if this is true so the south korean will get a new era of cryptocurrency world that was a dream who hold or buy sell bitcoin from their country. its great announcement of them. but I confidently tell that bitcoin is to be legalized in the whole world today or tomorrow & your comments also appreciable.

I don't think the news about South Korea's intentions to legalize Bitcoin were only on crypto-coin news sites. Yes, if google the news it looks like that's true. But don't forget that we google it in English. Most likely if we were googling it in Korean we'd have different results.

The thing is it's only a bill and we all know how fast the governments process them. South Korea is in like a crisis for some time now and it's not a good time for them to regularize BTC and start telling people to make use of it. It may be beneficial for many but its better for the government to be stable before passing that bill.

There is still no confirmation about the news, and the Bitcoin exchange rates are going down for the past 2-3 days. If the news was true, then there could have been at least a 5% spike in the exchange rates.

People like to hype up and exaggerate everything, while in this case everything is still in the 'preparation phase', if I may believe certain news sources.

It might very well be just a proposal rather than something that is being prepared. In most cases articles get poorly translated and as result will spread wrong/false information.

Anyone who is because of news like this put what he cannot afford to keep long term might find out that he might have to wait longer than the walk to freedom because of the fact that government coming does not happen within a short period of time and this same thing filtered the web last month or thereabout about one other country wanting to legalize bitcoin but rather than increase in price that was expected as a result of that, the opposite happen which is still recovering till date

I just knew it that South Korea would be the next country to completely legalize it, can't bother to search for my comment right now.

But  what less would you expect from one of the most technologically advanced countries. I can see Japan and some EU country like Norw or Swe accepting bitcoin.

Governments need to be advised properly and hopefully we will see more of this type of news (i.e. Bitcoin acceptance on a National/Governmental scale).

This is more sweet than bitter as it elevate the rates of btc, then a chain reaction to the other crypto's. Let's hope we all make enough money before the regulations kick in.  ;)  ;D

In my opinion when more countries legalize bitcoin the price will not down because there will be more people who don't know bitcoin become certain that bitcoin is not ilegal. After that, they have strong trust to bitcoin. It means that more people will buy bitcoin. As suply and demand law the bitcoin price will go up.

The popularity of bitcoin is increasing day by day and the countries with the sensible leadership knows the worth and advantages of bitcoins that's why they are legalizing bitcoins in their countries. Waiting for the day when all other countries will do the same.

I am waiting for Russia and Ukraine to legalize bitcoin as payment method. If this governments can follow same path, imo this decision will have big impact on other governments.

This would be a good news but after the current hack many investors may now be scared to invest as it is natural no one wants to lose their money and the recent hacks creates rumours that south korea may actually change their decision to legalise bitcoin which can have a great impact on thw overall market

This is very good news as another country is legalizing the bitcoin. I hope many such other countries join this so that it will have a huge positive impact on bitcoin in its price and demand. Also the real value in utilizing in buying various day to day commodities will increase with he bitcoin as a payment mode.

I am looking forward to legalization from the following nations: Russia, China, United States, Germany, and Great Britain. It is already legal in some of the US states, but the situation is not clear in the majority of them. If everything happens as per our plans, then BTC may overtake Visa / Master by 2020.

Agreed, but haven't we had that spike? Bitcoin was around $2,420 before the news appeared and it became $2,600 two days later. That's even a bit over 5%.  :)

On a serious note I do believe that Bitcoin will be accepted by the South Korean government as a savior of their economy in the nearest future, even if the news was fake or wrong.

ROK and JP, two of the worlds largest economies.. Hopefully EU and USA follows  :D

That would really be a great news.Already,we saw lots of demand for bitcoins in south korea.Now,the news about legalization of bitcoin has come.First japan,then now south korea.soon we could expect india also to join this list soon.

i dont know its gonna be good or bad for people who lives in korea(me) are we gonna pay taxes after legalize process done? the arbitrage (중재) opportunities will be gone after it? so many questions

I am from Serbia and now I wonder when it is going to be legalized here. I suppose to our government it would be needed like 10 years to reach all this developed countries in the point of crypto-currencies regulation.

How does legalizing Bitcoin 'save' South Korea's economy? And why do you think South Korea's economy needs saving?
SK is one of the few countries that didn't fall into a recession during the global financial crisis and they're not doing too bad now either.

They're the 11th largest economy in the world....

Don't worry about your country, they'll soon see and realize that bitcoin adoption will help your economy. 10 years is too long for your country to legalized and recognized bitcoin. Anyway, this is good news to the countries at Southeast Asia, it looks like there is a fiesta of adoption.

It doesn't take a decade to adopt something which is already wide spread. Japanese and Koreans are pioneers in many things technologically as a county. Their adoption on bitcoin came kind of late but I guess is bullet proof tech.

Good news, this is the  best  of  time  for  bitcoin,the world  has no choice  than to  accept this cryptocurrency,hope other  country will follow suite,
I feel the  leaders of  nations are yet to  come  to  terms  to the  world of  cryptocurrency.

Bitcoin and korea already accept bitcoins in their country. We all want to make all other  countries be legalizes it too. And many of it will accept it as one of the major country.

Quit the nonsense, and pay attention to how you write your posts. Korea haven't yet legalized Bitcoin. I don't understand why people constantly mix up the terms accepting Bitcoin and legalizing Bitcoin.

Merchants accept Bitcoin, governments legalize Bitcoin ~ is it really that difficult to understand? People here only care about governments legalizing Bitcoin, because they think the price will sky rocket as result.

Everyone is glued at the price of bitcoin and everyone is happily looking forward for all these governments to legalize bitcoin,i am still not a fan of giving all the control over to the government,because i started using bitcoin because of the freedom i have with my coins,i am a bit worried whether these regulations will take away the freedom i enjoy now.

that's a very good news let's hope more countries legalize bitcoin.

Well, "save" isn't the right word, I admit, rather legalizing Bitcoin will make it even better than it is now, being one of the biggest economy in the world, as another poster said. Why legalizing Bitcoin will make it better, you might ask. Well, since they managed to become that great before and now they are going to legalize Bitcoin, I think they know what they are doing, meaning they know how to make their economy better.

I wonder if the current crash is due the big hack that happened in the south Korean exchange? I was not aware of this south Korean exchange even existing, and turns out it was the fourth biggest exchange in the world, so its a bit of a big deal... could this be the current dip?

https://www.youtube.com/watch?v=Q8uh8Hf8Hy4&t=0m39s

As always, when big exchange is hacked the following days price is going down. I'm not sure about the reasons for that. Probably hackers sell stolen coins, but most likely - some people start panic selling thinking this is the end. I think everyone selling at $2,500 will regret it in the future.

On the one hand, the legalization of South Korea by bitcoin means that the population of this country learns about its existence and will be attached to its circulation in this country. However, on the other hand, this means that the government of this country will establish its own rules and introduce various kinds of restrictions for bitcoins, as well as taxes on financial transactions with it. So, to stay in the gray zone, so that the state does not interfere with the running of bitcoin, it would probably be preferable.

South Korean government is in the process of legalizing this type of cyrpto currency because some of their companies are using it for their transactions. But still, there is no confirmation as of now that it is already legal. But sooner as life goes on, it will be legalize  not only in south Korea but it may happens in other countries. Digital currency is now talk and be know to everyone sooner so there is a possibility that it will happen.

This is indeed a great news, after Japan, Australia, India and now south korea..
bitcoin userbase is growing

Well, let's hope that USA may not slow the procees more than it already does. They are too sceptic about their economy that they are too blind to see what the future may look like if they would open their eyes. But still, I am not here to blame them.

Yes it is not fully legal yet. But the South Korean government and its citizens are very enthusiastic about adopting bitcoin in their financial system. I think it can help quickly so that bitcoin can be fully accepted in their country.

That's very good news. May be able to motivate other countries to legalize bitcoin. The development of bitcoin in many countries makes bitcoin become popular all over the world. One of them in korea, they consider bitcoin to be legal because the number of bitcoin users in the state is increased. Thereby impacting the payment system of people in the country. So the country legalizes bitcoin ..

This has been a long back news. South Korea once after Japan's regulated use of bitcoin initiated plans within the country to legalize bitcoin. Right now it is the third market for bitcoin once after China and Japan. When South Korea starts legalized use of the bitcoin Asia market becomes more strong.

i wish in philippines too ..

umm! It sounds really good that bitcoin is being legal now in South Korea it is a great news for the people of the South Korea specially for the bitcoin holders so I know a few countries are also trying to make bitcoin legal and Japan and china are including in it so it is really good for the future of the bitcoin some people are saying that India is also trying to make bitcoin legal.

Yeah very good, it will also pump the bitcoin price a few bucks, hope bitcoin gets legal in every country so that will pump btc to the moon  ;D

If this news will happen for real, for sure it will become another big success again for the value price of bitcoin.
then it will be favor for us bitcoin enthusiast if this things will be done at the right time. It's a great news! :D

Right on. This is a good step forward.

Still, the most important countries don't really show any movement towards BTC: China, USA, EU

This is a good news for when crypto currencies are legalize then more people would know about the coins, its uses and the potential income it would provide for them. Coins would be in demand which would increase which would be a really good news! I hope more countries would be more involved  and legalized it as well.

Yes, that was almost one month ago but here the update of South Korean news

https://cointelegraph.com/news/south-korea-officially-legalizes-bitcoin-huge-market-for-traders
   South Korea has officially legalized international Bitcoin transfers and is on the verge of providing a regulatory framework for Bitcoin trading platforms and exchanges
     Although the South Korean Bitcoin industry has not been fully regulated as of yet, the South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades.

This news becomes clearer, South Korean has moving forward with digital currency, even though the government has not yet fully regulate bitcoin but trading volume on South Korean exchanges has been increasing. Like Op said, fill your bags.

This is good news, because developed countries like south korea are finally legalizing bitcoin, I hope it will affect other countries, maybe one day export and import south korea can use bitcoin.

More and more country will legalize bitcoin the higher price he get maybe in the future if almost all of the country in the world will legal bitcoin the price is going up and up untill it reach to 10k or 20k or more higher than that specialy in america and europe countrys.

It's good news for cryptocurrency world, i'm as bitcoiner really happy to hear that. More and more country who legalizing bitcoin can make bitcoin more popular also can give other countries interest to legalize bitcoin.

While legalization is good, it also means that bitcoin will come under governmental regulations. And this is something that the crypto world doesn't want.

This is great news,indeed! Legalization will attract a lot more people to start using cryptocurrencies and hopefully, we will see a day when cryptocurrencies become as mainstream as fiat currencies. And perhaps, we might even see a time when more countries have legalised bitcoin and it becomes a sort of a universal currency. No forex required when you go to a new country. But of course,all of this is wishful thinking.

This is great, only if they don't choke the development with too many regulations. Bitcoin will lose its essence if gets regulated and taxed heavily.

India hasn't really legalised bitcoin. It is not going to ban it but the government is working on a legal framework for it. Bitcoin gains will probably become taxable if bitcoin is legalised here.

Legalisation means taxes... which is alright. at least they didn't ban it.

Great news and it will deffinetly will affect on a price of bitcoin. Nowadays more and more countries are trying to legalize cryptocurrency, thats a good sign.
Still it is better to legalize and collect taxes, than to ban it and see people angry faces ;D

Its a good news if any of the countries try to adopt Bitcoin, it will surely give more popularization to BTC. Countries like Korea, Taiwan and China should be more attentive towards crypto as their technological advancement is high.

This news has been going around since the beginning of the month and up till now there is no official statement from the South Korean government as to when and how its going to be implemented and that's why I will maintain that news like this are only meant for speculation and I wont start believing in it until I see verifiable evidence to support such conclusion and implementation has gotten to a high level and maybe they are waiting till post August 1.

It takes time to get legal from all countries, i think 2020 is the right time to get many countries that legalize bitcoin :)

Yes,south korea has officially legalized bitcoin money transfer.It has asked bitcoin trading platforms to facilitate data processing facilities to know KYC and AML(Anti money laundering purposes).They have just followed phillipines which has legalized bitcoin remittances.Next to US and Japan,South korean bitcoin exchange market processes more global bitcoin trades.

Wasn't it always legal ? It's just now it's been recognized as a currency ? If it wasn't legal does mean it was illigal ? I find this hard to believe. I think k people use the word legal incorrectly rather often.

Wow! This is great news! Our Oppas will now legalized Bitcoin in their country. After Japan, it is now South Korea. I hope that Philippines will be next here in South East Asia to accept Bitcoin and fully legalized it in their country. There are surely risks but I believe it is worth taking for. Because of these, there will be more demand on Bitcoin and it will surely lead to price increase.

Indian legalisation will take another months or year.. Indian goverment being too slow in accepting digital currencies
Hoping for a better result with lesser restrictions. As we do not want to end up paying more tax on decentralized Coin

yes it is true because the popularity of the bitcoin is increasing day by day and the countries with some good and sensible leading and nation will accept bitcoin because they will be aware of the worth and importance of the bitcoin that could be the reason that they are legalizing bitcoin in that country  they are now trusting in bitcoin and they legalize it so I think it is very good and price worthy step for bitcoin forum as well.

it is a wonderful new!!! Congratulations!
I believe Bitcoin will be more popular in korea when legalizing it

Each and every country that legalizes bitcoin are looking at the monetary benefit that they could get from taxing the users and i am not that excited about all these developments but doing so might get more attention and we could see more users and companies using it and that is the only advantage i see with all these fiasco.