Bitcoin Forum

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

Well this is only talk for now. There has been a hearing in Polish Parliament and the expert from central bank expressed the same views, that maybe they should be thinking about talking about considering banning bitcoin (irony was intended). But later he added that ok, but let's restrict ourselves to warning people for now.

So if it remains only talking in Korea we are all good. For now :)

Well this is only talks for some countries till now and i agree to not warn people in early stages when it may not happened what we would expect but some other governments took real steps beside cryptocurrencies; i would mention Algeria that recently banned all the cryptotransactions and mining farms from getting a legal state. The irony in this tries, is that they can't stop anything from being happened or forbidden laws for people to not get involved unless the cut all the internet cables. Technology is unstoppable so nothing to make people worried about till now.

Yeah this is obvious that some countries govt thinks cryptocurrency may create bad impact on their economic system or banking sector....it may create deadline a country in future that's why they have started banning as soon possible to minimize the losses.

We have seen what happened with China. I don't see why this would be any different, people will continue to trade using P2P services and with Atomic swaps coming, they won't be able to do much.

I think they can not ban it all because Crypto is a trend in the world and everyone wants to apply in the future. For me Korea is trying to take the best measures to prevent corruption and minimize risk for investors.

There is no secret that ICO has recently become popular around the world as an alternative mechanism for raising funds. South Korean financial industry regulator claim the need for strict control of trade operations with crypto-currencies. The rapid development of the crypto industry, a poor understanding of the principles of its operation and the lack of regulation cause fears in many countries. I think that South Korea simply did not want to take risks and decided that a crypto currency ban would be safer and more profitable for their state economy.

South korea thinks bitcoin is just a joke and is just manipulating the price of bitcoin that is why many are being interested on it. They don't believe that bitcoin price is increasing because the demands is continuously increasing, they just thought that someone has large number of btc and that person/s is/are manipulating its price for their own sake.

It has not been banned for the time being. I think it's a bit better to control it, and bitcoin is hard to ban. South Korea's bitcoin enthusiasm is related to their civil war. Recently, people are worried about war, and many Koreans are buying bitcoins crazy.

South Korea too? If this is coming from North Korea, I would not even be surprised at all because the dream of bitcoin or Satoshi has some place where its not valid. On South Korea the quote “an all-out ban”, is just a statement to hint on what the final end of everything will be and to start preparing the mind of users from that end. At the same time, I dont believe they can go the route of a complete ban because they will be shooting themselves in the following ways

1. They might eventually lose out in the way the future is going to shape out if bitcoin ended up becoming a mainstream that commands respect because the cost to get back in the game will be more than the benefit of exiting it in the first place.

2. What if they take a decision and some of their allies did not take that decision which means the attack will only be felt for a while and bitcoin comes back which then means the whole of their effort has gone to waste considering the avenue of under the radar activities that would be created as a result of such action.

Looking at these, I see them taking the diplomatic route by finding a way to maintain their society and still be ready for the future.

Banned action already happened in some countries, such as China, Russia, Bangladesh, Ecuador, Iceland, Thailand before. Compare with some countries who already accept this such as Japan, Australia, Singapore, United States, United Kingdom, but i don't see another more countries will support to accepting bitcoin in future. Sounds pessimistic, but this is reality. Crypto currently exists will be very difficult to become currency, currency is a tool that can be used in everyday trading buy-sell thing, while the top #1 crypto is Bitcoin has higher value and takes high enough cost for each transaction, this more makes difficulty to make its regulations. Any countries like Indonesia, South Korea with many community in those country are starting investing bitcoin but government not ready to accept and adopt it.
Surely, this will not change anything. Crypto will continue and boom the world.

After China incident, it prove that Bitcoin will just continue to boom. Perhaps, there will be a chance for some dips and we are able to accumulate some BTC before the bull run.

I think it's good news, these comments always come before any regulation.

I agree thats why banking industries hate bitcoin as currency because the goal of bitcoin decentralized cryptocurrency to replace the fiat. But the issue about bitcoin banning of south korea i think government of south korea want to handle and control the bitcoin as currency.

Every month the same news. It makes me sick  >:(

South Korea will not ban cryptocurrencies man. They will regulate it, because it’s a monster business nowadays.

these are the keywords and in my experience there are lots of these types of "discussion" and "consideration" all around the world about bitcoin and banning or not banning it. even in Japan, you think they just all 100% agreed about adopting bitcoin?

and of course in the end it will all come down to two things: taxes and illegal activity.
they don't care about the second one that much, they care mostly about the taxes and the revenue that will create for them.

Maybe this is just a short end ideas. If you look for long term cryptocurrencies moving faster and faster to other countries especially to those who embraced it.

Do you not see what is wrong here and were it is going ? I have time for you because your not running adverts but look at this chart

Red +10%(12.05)
Yellow +60%(12.06)
Blue +55%(12.07)
Pink +30%(12.08)

Tulip prices in 1629 and yellow ones did best and after the crash the politicians and bankers will pretend that they have a mandate
from the public to close all alt-coins down so people here making money from on-line casinos will be out of work and it won't be easy
to buy a bit of weed and this we are bringing on ourselves

I just want to send some type of currency across the internet without big brother watching or the banks owning the coins that is more or less transaction free
and is secure and the currency needs a stable price like all other units of payment have and I don't care about the asset appreciation or I would be trying
my hand at breeding kittens using Crypto-Kittens or something at $25.00 a cat.

We don't need the USD shooting up to make money on the black-market selling sugar after they introduce a sugar tax or something and we should be doing all
we can to keep the brokers out of BTC because often they are miniting their own coins and charging us a fee in the process

great clickbait title for this thread. not only has legislation not even begun, it's just the chairman of the commission dropping some statements about considerations that may or may not take place. that being said, personally, i'm surprised that the chairman feels this way, but individuals do have their own thoughts and opinions, it's just politics. however, even though this may be the mindset of the chairman, i doubt that a complete ban would actually go through, it's not as if law is implemented just because the chairman of the commission says they want it.

thats what i feel will be the end result after all the politics passes, but that's hopeful thinking on my part i think. certainly would be nice though, having a regulated environment that would provide a safe environment for the development of cryptocurrencies.

Hi,

This means that... Well, South-Korean bitcoinners will invest in VPN!

I mean, South Korea is completely freaking out of its northern neighbourg (and I can understand that)... Seriously, if you try to make an itinerary on Maps it is impossible.. Just because South Korea wants to protect it territory from the North.

So actually... this decision is logical and changes nothing.  ;)

Oh well, this clearly was already bound to happen. I already saw this happening quite a long time ago. Snce it is pretty hard for inexperienced prople to differentiate scam ICOs from the legitimate ones. But even so, banning is just a word. If they want this, they would really have to eliminate internet itself.

It's really hard to understand what some countries thinking.. Umm, it seems like they are just afraid of cryptocurrencies that's why they don't support and try to ban the transactions etc.

Haha good thinking. They will pretty much get into VPN buypass whatever is ahead and keep it going. It's not such easy to stop people from doing something that they want. If they are really up for changes, changes will happen. :)

Politicians are not very technical so they think like this:

If they don't understand something - Ban it.

If they sort of understand something  - Regulate it heavily

If they totally understand something - Use it to their political advantage

This is really bad news for bitcoiner and traders especially in shouth korea.
Why now government which make this statement increase? What happen with them? Really dont understand.

South Korea isnt banning cryptos, they're one of the countries who support it the most. They are just trying to weed out the scams and shady ICOs from taking place and stealing peoples money.

meh who cares. let them ban it for all we care, this is bitcoin we are talking about. a decentralized cryptocurrency that doesn't fall under regular definition of things government can meddle with. in the end people will continue using bitcoin whether they like it or not.

these attempts are mostly  because of the increase in trading volume of bitcoin in unregulated exchanges which means no taxes to the government. they see the money they can make and try to do something about it.

Based from your statements it may seem that the news is just but a talk for now or something that hasn’t been ratified yet. This might be a big blow if this comes to pass however I still wait for it to be understood and that they are not banned

Well I think this year as bitcoin achieved its goals and targets so same it also face a lot of forks in shape of ban and other things so bitcoin don’t care about any ban it’s still going more forward although china and Indonesia banned bitcoin but we know that bitcoin take its price to its highest limit and still there is a possibility that bitcoin will make a record price then ever because some rich and develop countries are going to support bitcoin.

a lot of scattered news about the ban on cryptocurrency, this can not stop the movement of bitcoin despite the many requests for banning. we already know along with the ban maybe only an issue that can make the price bitcoin go to down, someone takes the gap buy a lot if it happens.

Absolutely,even if they ban there is no use of it people will continue to use it if they want.But banning the exchange mean then they can not convert their bitcoin into fiat or they can not buy bitcoins with their local currency.For the people whole already having bitcoin no issue with them only problems for people who buying and selling bitcoins.
But if the banning continues in other countries then it may affect bitcoin demand so the price will fall.

As South Korea ban all cryto transaction, this may affect other people's believe in Bitcoin and other crytos. However, as bitcoin is performing well on it's own, we cannot say that even if South Korean government does that, this will affect much of the bitcoin economy. We know for sure that there are a lot of influential and rich people now giving their wealth to invest on bitcoin so that is okay.

Thank you all for the response.

People ignore history only to their own peril. They should go ahead and ban it and then watch how the adopt and use would plummet than depreciate. A number of countries that earlier on ventured in that direction have long retraced their steps and  now exploring or already explored ways to rather regulate Bitcoin.

No one is stopping, you will see this. You said it so true that remember that time in October when China banned many exchanges of bitcoins and there were news spreading that bitcoins are banned in China. Will they affect the international market and blah! I think same happening now, there is no change. Everything will be fine and people are continuing to use the P2P mode.

I think it's just a word but it does not really happen in south korea but I think that they may not need the crytos in their area but in our country there are also many different coin help in the area We still do not complain about it in the Philippines, but for the crypto currency we also have our help to accelerate the transaction worldwide

That is one part of the story, the other part clearly said South Korea finance ministry is against this idea completely, they are getting some really good tax and they don't wish to ban Bitcoins, what they have Indicated is that they will put new curbs on bitcoin's, which was bound to happen due to its popularity so that's really okay. South Korea is a huge market and I think it will not ban Bitcoins.

Korea is a fairly conservative country. The Korean government does not allow bitcoin, however bitcoin prices are still rising. There is a lot of good news from bitcoin,

It is a very sad news. :-[
Many people get effect of this. South Korea bans all crypto transaction in their country. They want control on cryptocurrency because they think that these things may effect there economy.

you will see more and more of this over the next few months as bitcoin is no longer flying under the radar. It seems everyone is talking about about crypto currency and how much "money" is being traded daily using it. Im not optimistic about how financial institutions and governments are going to tread bitcoin in the future.

Who said bitcoin is responsible for the illegal activities, our own mentality is responsible for it. Crimes do exist in those countries where bitcoin is banned. Why we always try to hide our guilt and crimes with bitcoins. Why don’t the government jail their mass? because we are responsible for our mentality and not the bitcoin. And it is rewarding us with multiple benefits , allowing us to earn good amount in order to make our present good

Yes south Korea government thinks that bitcoin can effect economy. But i don’t think so that it can effect the economy rather that it give support. In sense of employment many people work with bitcoin. And also many people investing in bitcoin. So it is a wrong move of south Korean government.

I agree. The interest in Crypto-Currency is increasing day by day and that is making countries commands become alert about it and in the worse scenarios they want to ban it. I think it will become even worse and if Bitcoin enthusiasts don't do anything about it the governments will do everything they want without resistance from the other side. On my country some politicians want 1-6 months in the jail for who uses Bitcoin.

Hit me with a source fam because this doesn't sound plausible without some kind of reputable source to back it up. SK is one of the large components in the Asian cryptocurrency market, it would be a surprise if they made an effort to ban cryptos completely with their country being at the forefront of the emerging markets. It might have something to do with people pulling their money out of the SK currency due to fears about things with North Korea, but I won't make any assumptions because I don't know SK politics and their citizenry's opinions.

The market seems to reflect some bad news recently though, so maybe you're right.

so many strange thing happen in south korea recently
they put their own president into prison same time they have also imprison samsung chairman ,, this is what they are doing to their own leader without fear , so this one does not shock me
i expect this nonsense from these peoples

they only cause harm to themself for being tough like this against cryptos

The information that South Korea is going to prohibit all types of transactions in the crypto currency is rather outdated and does not correspond to recent events. As far as I know, South Korea has decided to regulate the circulation of crypto currency on loyal to the crypto-currency terms. Given the large trading volumes of crypto currency in this country, its prohibition would be illogical and would bring significant losses to the economy of this country.

why they banned bitcoin ? they can make profit using BTC or other crypto currencies.
imagine peoples around the world buy their plastic surgery in crypto currency.

This kind of issue could make bitcoin price to go down, but if only one government banning bitcoin it wont have a lot of effect and there will be more bitcoin for other investors, and 2018 we will face more of this issue because of the bitcoin popularity that rising very high, it has caused concerned from the government, so we will see what will be the next news from the government

This coming from South Korea seems kind of weird bizarre sick joke. South Korean people pride themselves on being a country where innovation for new technology comes from alot of the time. Even companies like Samsung always seem to boost how progress is not restricted in South Korea as it in places npt only in places like North Korea. Also other places that claim freedom of businesses like here in the USA or Canada. I hope it is all just talk, but if its real then i guess people will move on like with China.

It's not a ban, but some regulations. Some news channels did the same thing a couple months ago saying that Russia was going to ban crypto currencies and not regulate them. Do not believe anything on the news feeds.

This is just a rumor, for now. We can never tell whether they are going to change their mind or not. But, if it stays on South Korea, other countries are still safe to use cryptocurrencies.

South Korea surrender after many hack's exchangers.
He cant ban all transaction people who want use blockchain find ways how to do it

If the SK wil ban the cryptocurrency it will greatly affect the market. There are a lot of Korean in this business.
Seems the government feel the weight of cryptocurrency that why they try to do some measure on it.

This is not a welcome development for cryptocurrency business in south korea. The government will not be doing the people good by banning crypto transactions. Its a very wrong move.

Bitcoin don’t care about ban if south Korea ban bitcoin so nothing will be happen to bitcoin because bitcoin is now very strong and a lot of rich countries are supporting bitcoin it also happen in past because when china ban bitcoin so bitcoin fight against them and now you can see where is bitcoin and still bitcoin is moving fast because world need bitcoin and they are also making bitcoin legal which will make bitcoin more strong.

Maybe this views na South Korea is threatened on the bad impact of crypto currencies in their economic state. And really the are many ICO and cryptocurrencies that were only made for self interest and to scam other people. If this ban would happen, I think it will somehow affect the price of bitcoin. 

If South Korea is banning all kinds of transactions in cryptocurrency, I think the main reason they did that is  because they don't want cryptocurrency to dominate and kill their local currency which is Korean Won. Just like what China did where it's government strengthen fiat money and trash the cryptocurrency. This is the truth about war between centralized and decentralized assets. But at the end of the day people can still be part of the revolutionary coins and no one can ever stop it unless the use of internet connections are prohibited. I hope that one day these countries will realize the true meaning of freedom. This actions will lead to enthusiasts leaving their respective countries and will be moving into crypto friendly counties and will help boost it's economy.

Is this a real news? I can not think of why they banned Bitcoin completely.
Even if they announced the law, I think bitcoin will still be active in Korea.
But this is just a piece of news, and it is not certain whether to ban Bitcoin.

As community member to Save crypto coin we must report illegal activity that runs by crypto. If we fail to do that A big Red signal waiting for us. If people lost trust in something it's very hard to bring trust on that. Like Yahoo, TORRENT etc.