Bitcoin Forum

http://www.businessinsider.com/cryptocurrency-market-plunges-after-reported-crypto-exchange-raid-2018-1

The market for digital coins was under intense pressure Thursday morning amid reports that South Korea had a bill in the works to ban cryptocurrency trading.

"South Korea's justice minister said on Thursday the ministry is preparing a bill to ban cryptocurrency trading through its exchanges," Reuters reported.

That news was on the heels of a report that authorities were raiding cryptocurrency exchanges in the country.

“A few officials from the National Tax Service raided our office this week,” an representative of Coinone, a South Korean crypto exchange, told Reuters.

more at the link...

It's funny how the English articles are all talking about outright bans when the Korean articles just say that he's trying to write a law to prevent "speculation and gambling on exchanges."
In any case, it will take some time for them to draft a law and we will see if it can even happen.

Many countries will react differently to the cryptocurrency. All this is part of progress. Of course, there will be no unanimous decision, but most will choose a successful model. But progress is already in the fact that the level of government is spoken about the cryptocurrency.

I guess the western Media loves to create more FUD about crypto and bitcoin in general to scare of newbies and make people to selloff. All the markets are in the red today and some coins like Substratum have tanked really hard. So it looks like the altcoin spring hasn't lasted very long, only a few weeks. Governments and Banks are scared they will lose control of us slaves, so they want to shoot crypto in the foot and take away people's right to create their own destiny.

well it seems to be a balance all over , as in Japan is most welcoming to Crypto while others are not
what will happen if more govts did what korea is doing
it will drive crypto to the black market and drive prices up and make people more rich
there is no stopping, unless you ban the internet, your thoughts

In my my opinion it is just a FUD. We can see a lot of investors right now concerned of their money and thinking of pulling out their investment. The south korean authorities was creating a law to regulate and not to ban cryptocurrency.

Really not surprise to see this move by Korean Government, just look at what coinmarketcap.com just did by removing the prices on Korean exchanges from the price calculations from their site because prices there is mostly at premium and this is not sustainable unless we don't want to speak the truth, it is just a check IMO

as written in the artice, it can take months or even years to do so
i dont think that it will happend.. they just want their piece of the cake :p

good fud keep it up i want btc back to 10k and below before its all back to business as usual ...

I like these news enhancements we get too..


We will crush illegal exchanges and force the legal ones to comply with the laws and regulations = we are totally banning crypto for good.

There is really no way of stopping it right now, these laws are popping day after day and it shook the crytpo community recently leading to it's red days. i Was happy last week when new investors popping and making most of the alts rose. And now all I see is red arrows pointing down, hope it won't last long and will be normal like just like the old good days.

its bad news for cryptoworld. ill keep my coin cause there is a rumor about china to left the bans of ico investing. if china do left the bans i do think the market will becomes better and all coin will recover from this red.

Link? I haven't seen any news of that anywhere.

It's really sad to read this as we know that South Korea already legalize bitcoin officially.
If they said that they decide to ban bitcoin, it will decrease bitcoin value significantly so if you're in profit, maybe it's better to sold it for profit and start buy cheap value in the future

I bought in some alt coins as most of them dip... if you are here for long term this could be a good time to buy, else take profit can wait

I would be wary. I am pretty bearish as there has been a lot of bad news as of late.

I think this news is always a misinformation. Korea already clarifiries that they are not banning cryptocurrency but will run after those  anonymous exchange .

I think this news is still relevant https://news.bitcoin.com/south-korea-end-anonymous-crypto-trading/

Problem with the KYC. The new rules will only allow deposits and withdrawals to traders with matching account names at their banks and cryptocurrency exchanges.

I think they are not talking about banning cryptocurrency but they are trying to pass a  law to prevent speculation and gambling on exchanges and if this is done i think will reduce fake ICO,s.

I thought It was somewhat interesting that in S Korea that banks there were allowing Crypto accounts

Upbit should properly address the buying limit issue.
Upbit recently reduced its buying limit to 100,000K KRW but today suddenly they have change its limit to 100,000,000K KRW during the dip.
Now its back to 100,000K. Why they doing this way ??
This is very suspicious. Please take note on those sudden change. Please take note guys

For everyone worried about the south korean news, it's all FUD. The bill was dispelled a few days ago, mainstream media just picked it up.
https://www.ccn.com/south-korean-ministry-of-finance-does-not-support-cryptocurrency-trading-ban/

With the recent south korea cryptocurrency trading ban fiasco, I hope many investors realize the deception mainstream media offers on a daily basis.

Many countries now are very timid about crypto-currencies, because they can actually spoil the economic situation in the country, I think this action is not right, because it is necessary to recognize the crypto currency, it already exists and it does not escape from it

another rumor, as was the case with China, the manipulation of the market. Pretty successful, because the market has corrected. I think that this was the hand of "big money" that opened futures for short

I hope people are all aware that pretty much all the western news articles regarding this so called BAN, are coming from one single source? that being Reuters.

Sounds pretty fishy to me, or just bad journolism or maybe a combination of both.

There has been talk in the air about korean regulation since December, nothing has changed now.

No this may be a fake news. This is only to check about the company input and outputs like scams..etc

it was just a FUD as confirmed no one bans crypto in korea =]

I feel very sorry for those who live korea. They face obstacles in every issue. They can not live in freedom they want.
Investing and doing trade is very normal stuff. They break the reputation of the crypto money world  :-X

dont take false news to seriously my friend

its a FUD

I think they are not banning, they want to regulate it by registering exchanges and traders i think it is the typical move bu the government to extract taxes from markets.

who believes this fuckin FUD's.it si fully misunderstanding, for future, some recent regulations will be oocur, but today, its full FUD, stay strong and hodllll.

The last time I read the news about them, Koreans had been selling crypto currencies at higher prices on their exchanges. So there is something fishy with this news and I believe as the other say it is a FUD. Even if the news was true I wouldn't give a shit about it.
Koreans hold about 5% - 10% of the total market share in crypto and banning crypto currencies in Korea would result in about 10% of price drop in cryptos. It would certainly not make any big difference since there will be many others to buy cryptos at cheaper price.

Another injection of information to lower the price of bitcoin. See someone need to buy. Do not prohibit Korea's trade in crypto-currencies. Just in the market the next manipulation.

Exactly. South Korea is kind of a democratic country and Koreans are really strong in trading. They can make a big difference for bitcoin cash, ripple and cause some change to bitcoin. I don't think the government can just stop all that. And besides, bitfinex is one of the biggest exchanges. They should make a small (1% in KRW) taxation from the income of exchange owners and everyone will be happy. Attempts to close it will result in huge amounts of money being moved from the state and intellectuals being angry.

The article is very misleading the south korea is just preparing for a bill that regulates cryptocurrency trading which is not a bad thing for the government and it's citizen and besides, according to news articles i read online, the bill was trashed few days ago but they will still run after to anonymous exchanges. Stop spreading FUD about banning cryptocurrency trading in south korea.

I have read somewhere that more than 30% of korea citizens are trading crypto coins, so I think the government will not ban the trading, or there will be very bad effection in my opinion.

No this is just FUD. If you go to Joseph Yeung's profile on Twitter, he has dismissed these reports and even said the Justice Minister of South Korea should be fired from his post.

Those FUD reports on bitcoin and cryptocurrencies are not casual, I mean, there is not a wrong understanding of the original news but an intentional FUD. We know the media is owned by corporations and big enterprises, for them is very easy to use their media to spread FUD and buy cheap coins

It is impossible to say about the benefits or harm of such news. For beginners, the market decline is to panic and signal that you need to sell everything. For more experienced investors signal to buy. Anyway, such news will appear periodically and shake the exchange more than once, and this should be ready. (Remember the China in the fall of 2017).
In my opinion the market decline is temporary and is created specifically in order to the big players could purchase at a low price.

Even though the article in the OP is misleading, I'm glad it's got people woke and paying attention to what's going on in the rest of the world.

I think banning cryptocurrency trading would be a huge mistake, yet, some countries have already done so. Though, then again, it would be pretty hard to completely ban crypto trading.

And some countries have showed support for crypto as well, I think in the end the countries that attempt a ban will be shooting themselves in the foot.

i feel that there no way of stopping it right now, these laws are popping day after day and it shook the crytpo community recently leading to it's red days. i Was happy last week when new investors popping and making most of the alts rose. And now all I see is red arrows pointing down, hope it won't last long and will be normal like just like the past days

Whales will use this opportunity to manipulate the market so as to buy coin cheap from weak hands.  Let see how it plays out just like China ban

I dont have mind Korea will ban Cryptocurrency, they will realize how important Cryptocurrency for Modern Economic. I mean, we dont need CC, Debt Card. Easy payment using balance in your account

Cryptocurrency is important, yes. But I think it still needs more time for people to start adapting and using it like debit cards and so on.

Though, banning it would be an extremely bad move for the economy, yes. I just think people are still afraid and unsure about it, so it's only a matter of time.

Korean Citizen Petition Opposing Cryptocurrency Trading Ban Nears 100,00 Signatures.

It won't change anything, don't worry guys, or worry if you are Korean citizen. Look at the other country's for example Belarus and Japan. Nothing can stop the cryptocyrrency.

China banned the exchanges, market fell but rose higher than ever. So I don't think we should worry if Korea actually bans crypto.

I am not sure about politics in Korea, but the government that bans crypto in Korea will won't win an election for another 50 years, it would be like taking Star Craft away and banning the game development industry...at least that's my thesis and I am buying the lows.

As reported on Dec. 25, South Korea set up a task force to create legislation for the rapidly growing crypto market in the country. Contrary to an outright ban, the body plans to regulate cryptocurrency exchanges as legitimate financial service providers, and ban foreigners and underaged investors from trading on South Korean exchanges. We need to be careful !!!!

Yes, we need not worry. But the fud is affecting our market.

Korea is just the next country after China to spread some fud in order to manipulate the market and bring down the process so that more people in their country can grab some cheaper coins. Crypto will boom in 2018!

More and more countries will try to regulate this craze since it is not profiting them but the people. I believe in late 2018-19 maybe we will see strong rules for cryptos.

They won't even ban bitcoin you should beware of this. Opposite to China, Korea want to regulate bitcoin and crypto excahnges. That's what they're trying to do now. Nothing else, trust me. It will be even better after the regulation.

I feel like almost everyone is reading just the title and not looking at the article itself. What Korea actually wants is to ban trades through unregulated exchanges, which I'm all for, and I think nobody would be against it. Regulating exchanges would be positive for us all.

They want to deal and ban those exchanges that are not following the rules and invading taxes and they aren't banning all trading exchanges. Lots of FUD these days saying South Korea bans all crypto trading. The bill has just been submitted and waiting approval as of now.

A country 's government must consider lots of nuances while creating documents,  which are going to deal with cryptocurrency.  It usually takes lots of time,  so no need to worry right now (for South Korean crypto traders I mean)  :))

It would only have a small impact over the crypto market since it is not totally dependent in south korea.But FUD spreaders would use this opportunity to misguide newbies and encourage panic selling among them.Earlier,there was a situation when south korea too played a dominant role in the crypto world but not now.

I think that there will not be a complete ban. Just the price on these exchanges, really was overestimated very often. Bitcoin traded 50% more expensive. It looked like a scam. I think the course on different stock exchanges may not differ much. With a big difference there will be chaos. I think it's right to bring the Korean exchanges to a single common denominator.

People love news and it does not matter whether they are good or bad. Korea wants to introduce state regulation, but this does not mean that everything will be forbidden. It takes time to prepare the legislative base. Everything goes on the right track. But I do not think that control over the crypto market will bring its participants something good ...

from my view of point with the analyticals, the reason as displaced within the beginning initiation of study is/are might of there of chance to distinguished the mechanical function of the use on occupation of the online blockchain administrative network to notice the details of funds and the transaction to follows on extent as the further tasks on evaluation with the objectives as preparing details with the different unit of indication on referring strategics as releasing point of exchange as notifying abbreviate value on contrast drawing of disposition,
to improves the scale of unit with the assessment of funds into the table,
that those to gifts with the different spare on relatives within beyonds of level with the bands of accounting as to work as capitalizing funds of margin within the complete ledger on blockchain account.
that with the following strategics as attaching service with the formal institution of finance those to returns with the incredible amount of money to valued as might with the fiat currency.


that is the analysis from mirgo1791 ( finance analyst for caressen bot shop)

It's such a disappointment. Because of this statement, everyone gave in to panic. Capitalization is falling. Many withdraw money from the altcoins. All courses of coins are red. Most likely, traders poured oil on the fire to make more money. But it looks like a panic.

In my book this is just FUD, wait a day or two and it will be back to regular business untli next FUD...

intitutes do not want buy bitcoin fot $20000, so that`s it) they need it cheap

The South Korean Justice Minister got ahead of himself. The Finance Minister has contradicted him saying there won't be a ban, just some regulation. There's a lot of panic selling going on, which is daft. A little regulation won't hurt, and it is HIGHLY doubtful that a ban will be enforced.

Here we go again lol

There's always something or someone threatening the crypto markets. End of the day, if its banned in one country, another will just snap up their usage. The crypto market is continually growing and none of these big moves thus far has halted it. I'm confident 2018 will be a boom year for crypto,

After China's statements and the fall of the course, I'm not surprised at anything. I'm just going to drink beer at such times. Soon the market will calm down and everything will be fine. Who managed to sell and buy cheaper these days is ok. I have not sold my assets, so I'll just continue to wait patiently when things get better.

We will believe that everything will be fine, for all of us it will be better if this market does not go anywhere

We have to wait and see, how this will impact the cryptocurrency in the long term.

First China with its prohibitions, now Korea with these inspections of the assets of exchanges and banks. What are they doing? Such an impression, if the money is not given to the state and the government can not control the money, then they begin to prohibit. Create obstacles and spoil everything. I'm very sorry that all have succumbed to panic and the market is falling so rapidly.

All this is thought out, even the news has been presented so as to sow doubts. Who was the first to see this news, it was possible to sell boldly, and then buy cheaper. After reading it immediately it would be clear where the price will go

The panic selling is for exactly that reason though, he said they will effectively ban cryptocurrency trading but by the sounds of reading it myself it does not sound like that at all. Of course that's what the market will pick up on so well done Mr. Justice Minister. I hope he enjoys the cheap bitcoin he's about to buy!

I think it is necessary to collect about 500,000 signatures. What would the authorities abolish laws related to the crypto

That's just because of Korea, and this small correction began, strange, because last year in September, Korea bought Bitcoin and the price of bitcoin reached $ 4,500, if I remember correctly, and now she decided to ban the crypt? It seems to me that someone has pushed the price to come again.

I got the confirm news on cointelegrah yesterday that the whole thing was a rumour and it was meant to cause panic sell off.

I think they are really going to ban the cryptocurrency in Korea because I read a news that says there was a bank that feels of being bankrupt because of trading in cryptocurrency and this is the only reason that I am seeing now why they are getting ready to ban the trading in Korea.

I do not think Korea will put a spell on anybody in the near future. Koreo only wants to banish the anonymous transactions, which in my opinion is correct, because control is lost. I can understand the step of Korea and believe that regulation will be introduced in the near future.

It is just a fake news，and the south Korean citizens have begun to protest against the government's actions, and that South Korea only wants to tax encrypted money markets.

I hope that everyone now knows that it is a fake. Or we can say "inaccurate" translation :-) Korean authorities stated that they have no intention to ban cryptocurrency trading. But KYC is definitely become mandatory for exchanges, which is good in my opinion.

The market was a bloodbath yesterday and it is already a common  knowledge for traders to buy or even hoard coins during low times to gain more profit. There are only few opportunities like these that's why traders won't even try to miss it. Just like what I have said before, cryptocurrency is not for people with weak hands and hearts. If they can't even put up a risk at holding during low times and give in to panic and FUD, then they will ot succeed in the cryptoworld.

Anyway, about the article, although, some parts are facts and the other is somewhat lost in translation, no one can deny the fact that it had caused a major FUD among holders. No one can deny the power of the voice of media now. Still, it is just a bill, not a law, and even law has its limitation and exceptions.

I believe Korea will not ban cryptocurrency, like China they just want to regulate it. We all know that majority of altcoins are shitcoins and we cannot deny that. If you are a leader of a country, you have to protect your people from scam to happen.

I think S. Korea will not take the wrong step and ban cryptocurrency trading, seing that Japan their bigger neighbour and economic pacesetter in that block has a positive attitude towards cryptocurrency generally. The S. Korean authorities are probably concerned about the high exchange rates of cryptos in S.Korea, which of cause is higher there due to the unfavorable forex and fiscal policies of the goverment which extremely limits the amount of money Koreans can invest or take abroad. The consequence of that policy is that cryptos that enters the S. Korean market are exchanged at much higher rates than in other markets because Koreans apparently have a high demand for cryptos as it provides other means of taking more money abroad. That potents economic loss in a way and the worry of the authoriies in Seoul.

South Korea trying to regulate who can purchase Bitcoin is not going to end well for them. There will still be people wanting and using Bitcoin with that ban in place.

Hold your horses cowboys...not so fast.

The South Korean Justice Ministry has backpedaled somewhat on its proposal to brazenly shut down all domestic cryptocurrency exchanges following a public statement by the country’s Presidential Office.

Earlier today, South Korea’s Ministry of Justice organized a press conference wherein Justice Minister Park Seng-ki spoke of drawing up legislation to shutter local crypto exchanges in the country. The move would effectively halt trading of cryptocurrencies like bitcoin in the Korean market which resembled “gambling and speculation,” Park said in his briefing.

The official’s remarks have seen a backlash from everyday citizens petitioning – some 71,000 signatures and counting – against the proposed ban to such an extent that Korea’s Presidential office, through its chief press secretary, moved to issue a statement stressing that the proposed ban was “not a finalized decision.”

The Justice’s Ministry’s proposed ban hasn’t found support from within the government either. “We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” read an official statement from the government’s Ministry of Strategy and Finance.

https://www.ccn.com/koreas-justice-ministry-softens-crypto-exchange-ban-proposal-after-backlash/ (https://www.ccn.com/koreas-justice-ministry-softens-crypto-exchange-ban-proposal-after-backlash/)

Wow very sad story to here. I believe in the potential of having a cryptocurrencies. I just hope We have to police ourselves from scammers. Those are main main culprit of our possible demise of crypto.

A welcome development. We hope this sparks some positive movement in the market.

Koreans seem to use the news very skillfully to regulate the course of our beloved grandfather, and if you can manage it, you can regulate most of the altcoyns, so I think that they are for this reported about such news, but I think everything will be fine

They clarified that they were not planning to stop all cryptocurrency trading. They are just doing the same thing almost every major country has done, which is to stop unregulated ICOs. This was inevitable in a world of blind investment by noon qualified investors.

Do you really think the governments care about this? They only care about tax, just like the goverments care about our healthcare when they approve selling legal drugs (tobacco industry) so they gain more tax income? It's only because they want to get tax out of it and they see their own money system going down thanks to crypto.

South Korea will not ban it, because then they will lose economic power to Japan and other Asian countries who adpot cryptos, countries who will ban it, will face huge losses in the end, that is another good thing about cryptocurrency.

Its just else one manipulation with bitcoin price. They already bored everyone with their games. Relax and stay calm.

Is it really possible for Korea's govt to ban Bitcoin trading when Bitcoin cannot be regulated? How does this work, IP blocking known Bitcoin trading platforms from their end?

not even the world bank or the UN is capable to ban cryptocurrencies, without embarrassing themselves, or without showing vulnerability, this is a good and a bad thing

regards

Well this is just alarming South Korea is getting more like China,it will give a negative impact to the whole community of cryptocurrencies because most of the big players are in korea and china.

This very sad news to hear,ive been thinking what will happen if all the countries declined cryptocurrencies in the future,will BTC survive? thats a billion dollar question that im sure every one of us wants to know the answer.

I think this thread's title has been overtaken by events. S. Korea is no longer going on with plans to ban cryptocurrency following a statement to that effect by the authorities in seoul.

Yes ... they have already tried to block that many times, then generally remove this bitcoin and all that can be connected with it, but to our happiness, our Bitcoin is already in the minds of people, so I think nothing will change if they do, yes he certainly will fall, because many will want to go out, get scared, but we will stay, true enthusiasts