Bitcoin Forum

There will be no cryptocurrency trading ban in the short-term in South Korea, according to the Blue Office, the executive office and official residence of the country’s head of state.

"All government ministries agree on the need for a government response to an overheating in cryptocurrency speculation and for a degree of regulation," FInance Minister Kim Dong-yeon told reporters, as quoted by the news agency Yonhap.

"The issue of banning exchanges that the justice minister talked about yesterday is a proposal by the Justice Ministry and it needs more coordination among ministries," Kim added.

Friday’s news comes after a major wave of criticism was aroused in South Korea following the previous day’s announcement by the Ministry of Justice, stating its plans to ban cryptocurrency trading. It seems the Ministry of Justice acted independently and without the consent of other government agencies. More than 60,000 Koreans have signed a petition against the mooted cryptocurrency trading ban and for the dismissal of the head of the Ministry of Justice Park Sang-ki, who announced the upcoming ban. South Korea is one of the largest hubs for cryptocurrency mining and trading.

I even suspect that the south Korean official is hostile to the market, because his irresponsible remarks have led to a drop in the price of the entire encrypted money market.

These neg news are mostly published by Russia's governmental media , I think Russian media has no work besides fighting cryptos by spreading negative signs about the whole crypto community.

That's a good news.Yesterday after the announcement of the justice minister of South Korea regarding the plan of banning cryptos, bitcoin's value suddenly dropped.Those negative news has a negative impact on cryptocurrencies.Good thing South Korea won't allow cryptos to get banned anymore, this is an indication that bitcoin's value will increase again.

This is huge news and we can expect a good portion of increase in bitcoin price because of this news and hold BTC everyone who heard this news.

The big players have benefited from this fuds. Good to hear this piece of good news. Hope the fuds get cleared up and market recover soon.

These artificially created fake news to drive BTC price down haven't got as much impact as it used to be. I'm not saying there won't be any fluctuations but not as bad hopefully. I regret those days when I sold my bitcoins by being week-handed instead of hodl. I'm sorry for newbies entering this game and get ripped off like this. It's a painful experience to learn this way. Steady hands, patients and reading news can save a lots of money to us all.

I think this is good news, and this news will make other bitcoin and crypto become recovered in decline. yes hopefully the news yesterday is really just a rumor.

That's not his fault and is more of an issue of weak hands panicking merely on the possibility of bad news. If all it takes is someone to say one bad thing even if it isn't true then crypto is doomed. It can even get much worse than this as sometimes all it takes is a tweet from a minor celebrity in the crypto world to send an alt coin tumbling or to skyrocket.  

It was all a giant FUD, and everobody is aware of that, i can not understand why a lot of people were saying that they were going to seize almost all the exchanges, that they were going to kill the mining pools, and so on, it was all a huge fake to make the price go down

Totally agreed with your point. These fuds are so common and yet people believe what they read without thinking.

It honestly comes to little suprise, as even the reports themselves were mostly talking about regulation unlike what some of the headlines implied. Would have made for less exciting news though, I suppose.




I think it's safe to say that Bitcoiners have learned to take FUD with a huge grain of salt nowadays. It also helped that when China actually did shut down exchanges, it merely lead to a short term price fluctuation. Bitcoin is growing more resilient every day.

If the decision has not been approved by the government, there is still a lot of hope for the btc. And with such a high number of protesters, I think we are still quite optimistic about the future of btc. There have been quite a few countries announcing that they will ban crypto transactions but in the end there are no official announcements about this. You can still be assured and try to make a lot of money from btc.

As expected, the news about the forthcoming ban on crypto currency in South Korea was not entirely reliable and did not reflect the views of the entire government of this country.
     I especially liked that 600,000 inhabitants of this country wrote a petition for several days with a demand not to prohibit the crypto currency and dismiss the Minister of Justice, who expressed his negative opinion on this matter.

OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says

The South Korean government’s official announcement came after a massive backlash and criticism against the Ministry of Justice, which independently announced its plans of banning cryptocurrency trading. The Ministry did this without the consent of the Ministry of Strategy and Justice and other government agencies involved in the South Korean cryptocurrency regulation task force.

According to the Blue House, more than 60,000 citizens voted in a petition to fire the head of the Ministry of Justice Park Sang-ki, who released a premature statement earlier today, on January 11, that the government will implement a policy to shut down cryptocurrency trading.

Almost immediately after Minister Park released his statement, the Ministry of Strategy and Finance emphasized that it does not support or agree with the decision of the Ministry of Justice to ban cryptocurrency trading. It also added that the Ministry of Strategy and Finance only found out about the statement of Minister Park through media reports, and the decision to ban cryptocurrency trading was not agreed upon by the task force.

Cointelegraph: https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says

As usual there will be no other benefactors but those people who spread this FUD. They already knew its coming and that's how they are playing with the market so basically during these times they have understand that it's one of the best time to spread FUD when the market is quiet and calm.

from what I know south korea is a leader in internet industry; there would be no  usefulness in banning bitcoin.

This policy is good news for the Cryptocurrency market.

This is typical, markets overreact because of "rumors", and in such situations people are easy to panic. South Korea's government never stated there will be a ban of cryptos. However, the government wants to make sure the traders do not do it anonymously, mainly for tax purpose but also for security, anti-money laundering, etc.
Simple as that. And in my opinion crypto-currencies need to be regulated anyway if we all want to have a future in this field. A world where governments do not care is highly utopic.

We can see in the market that bitcoin might go up this time around because of this news. Korea is a good asset in bitcoin and in businesses. They have very good technologies to improve this world and have minds that brings innovation for the improvement of this world. And with that innovation will be translated into actions. Korea might save bitcoin from drowning.

And if I may also add, if China unban bitcoin, You'll see 30k price ;). I'm bullish in bitcoin market though.

In addition to Korea's removal of the banscoin and altcoin policy, the United States has officially voiced its support for and called on businesses to research and develop businesses that are associated with blockchain and crypto technologies.
This is a very good news to have on the market as South Korea and the United States are the two countries with the largest crypto trading volume in the world.

I have never see such real news about banning bitcoin in south korea while some of people are just discussing that perhaps it might happen. While yes bitcoin ban in china is confirm and its officially announce. South korea s developing country and there are large number of BTC moving in market of south korea and I think no more country will think about banning bitcoin But they will thinking about legalization of BTC because country are getting strong ecnomically.

Previously they announced that they are only banning the unknown transactions in the crypto world to avoid scams,hacks and illegal transactions. Now, they are banning it completely. I hope its not true cuz south korea is a huge hub for crypto and the banning of it could greatly affect the current price of the coins we're holding. Not only that, it could also encourage other countries to do the same which is the worst case scenario for crypto

and certainly the challenges of BTC in times of increasing difficulty, there may be a lot of criticism and hatred. hold in situations like this is the best way to keep my value.

south korea prohibit transactions with bitcoin?
does this multiply the loss for the critical market so keep the price down.

It sounds to me like all along the plan was to get control of the exchanges so they could monitor and tax people.  I'm not sure they ever really intended to ban all trading.  It looks to me like even if they shut down the Korean exchanges, it was never seriously proposed to ban trading in foreign exchanges.

It is true that South Korea has not issued a so-called ban, but the regulation of cryptocurrency has become more and more stringent, and the other China intends to further regulate the cryptocurrency market.

media has always made these inspections into a much bigger thing than they are. it is actually pretty simple, when a business is using fiat and is involved with handling a very large amount of it, then it should comply with certain rules. for example the most obvious ones are AML KYC. the money laundry is something that countries take seriously and when a lot of money (fiat) goes in and out of an exchange they will want to do an inspection of that exchange.

we have seen this multiple times in China and different countries with Chinese being the biggest one in the news. but now that Chinese exchanges are closed the FUDsters look for an alternative and what better than Korea with similar status and a large volume...

It still affected somehow because there are still so many newcomers that can easily be swayed by false news but overall we can certainly say that the market is already maturing compared to the kind of reactions last when we were dealing with China. South Korea is a different county and I am sure that their officials are always listening to the people and in the end will never do the mistake of banning cryptocurrency but of course regulation has already started and that can be a good direction to take.

South Korea is now one of the biggest markets for the cryptocurrency industry and developments in this market can push up or pull down the global market for sure. As a very dynamic market, we are expecting that more and more news here can influence the overall direction of the whole cryptocurrency movement. Whatever development here, still we have to thank South Koreans for carrying on after the ban in mainland China.

The justice minister comments yesterday has affected so many things  cryptocurrencies market and why is the minister always hostile against bitcoin and the rest of the cryptocurrencies, but thank God that the justice minister in south Korea was acting independently which can not stand as an authority. And what we should now is China is the host of the largest hub of cryptocurrencies mining and trading in the world, and most of this negative news are always published in Russian government media in other to frustrate the existence of bitcoin. But thank God for this news now at list bitcoin price will rise now and new investors will come in now to boost the market.

this news will greatly reinvigorate the market that has been for a few days ago and will attract back bitcoin traders and investors in korea and will make bitcoin prices back up. this news is a sign for traders if they want to get maximum profit.

Those users of BTC who have more then enough information about BTC they are never thinking about price of BTC.
Because some people are not depend on price of BTC that it goes down because More people are using bitcoin because of their high speed and tax free.

More than 60,000 Koreans have signed a petition against the mooted cryptocurrency trading ban and for the dismissal of the head of the Ministry of Justice Park Sang-ki, who announced the upcoming ban. South Korea is one of the largest hubs for cryptocurrency mining and trading.

News every day, is not conducive to the development of the currency, I have become accustomed to, I won't go to believe this kind of fake news, unscrupulous media people, fake news to suppress the price of the currency

Yes there is no banned in cryptocurrency in South Korea, I have a relative there  who also knows bitcoin and they said crypto there is legal so they can freely do it anytime without any hesitations, glad that Korea is open for this set up and for sure their country will really benefited from it.

Too many people spreading FUD and fake rumors even without understanding first certain situations. These mighty Koreans are keeping our local exchanges in short of bitcoins.

I know it always that cryptocurrencies wouldn’t be banned anywhere. Of course if the country has access to the internet. South Korea is high developed state and they understand the importance of cryptocurrencies.