Bitcoin Forum

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

i guess will just have to wait and watch..

This is in line with China's policy in 2017 when it banned the bitcoin business in China. I think that the big Korean commercial sites will move their headquarters to other countries to operate, those that have legal support for bitcoin and crypto business such as Japan, Hong Kong, Singapore. I was quite surprised by the decision of the Korean government, which has made the world crypto market plunge in recent days.

As i heard when they ban all crypto currencies, they will shutdown all the exchanges at same time. This is surely bad news for Korean investor and bitcoin holder as they will need to move out their asset to foreign exchanges. The competition will be tight, numbers of exchanges will began to decrease. Supply will overstock and demand will less, caused price will falling.

yup you are right

That means the market is shrinking, but that will not affect much. A big market like China, when it was banned, has not had much impact on other markets. It's just that people are scared to sell their btc for a discount but then everything is fine.

I did heard about this news yesterday and that this has contributed immensely to the fall in price of Bitcoin. Well, this are just speculations and it will affect the market definitely. But it is just for a while and it  will pass. Same as it happened when China pulled out of the market for a time. Bitcoin price dipped and surprisingly, some weeks later it picked up in a voracious way. The South Korea is a major market that will pull some strings on the market price of bitcoin but not for long.

I think a big/small dip. After that the crypto market will slowly recover.. but that's my guess

In my opinion, if South Korea yet prohibits crypto-currencies and closes all its crypto exchanges, then other states in the Asian region may resort to similar actions. This in turn, leads to a massive decrease in the price of the crypto-currency and an active sale of the crypto-currency on the exchanges.

I do not think so . If it is banned in Korea it greatly affects the development of bitcoin. I am sure many Korean investors will sell all of the bitcoin they have and the value of bitcoin will be drastically reduced.

All altcoins decrease with bitcoin and this crash lasts for a while then market start to recover. But this is obvious fud, they don't ban anything because it is not a solution at all. In the long term, ban, regulations cannot change the market's direction.

Fomo for a week. Bitcoin price would crash like 25%. After that all the miners from south korea will move their mining farms to a country around and start on a other place their mining and the price of bitcoin would rise again and maybe the network is more overloaded after that.

None of this will happen, stop spreading FUD. There are no confirmed news about the government trying to ban BTC. You guys are telling each other the same thing, although none of you can give a reason for this or show how he came out with this idea of a ban. Most of you probably read the BBC story that lied about the police raiding exchanges in Korea. There was no such thing!

It's highly unlikely. The South Korean Justice Minister got ahead of himself. The Finance Minister doesn't agree with a ban, and wants regulation. Check the reports on CCN and you'll get the full picture.

I think they banned some cryptocurrency because they prefer only to use bitcoin. I've seen an article that bitcoin in South Korea has high value. Well I think that other cryptocurrency will affects the price of the bitcoin in their country. The great demand for other cryptocurrency will reflect to the price of bitcoin.

You are already seeing the effect of it. The price has already been dropping ever since the rumor came out. More drastic drop will happen if it comes true. But nothing to worry, bitcoin and crypto in general will bounce back.

And what's happened in China?
Chinese miners are moving to Canada and Europe and are being welcomed with open arms. China will lose money on this but it's their choice. They won't take the offer so somebody else will.
There won't be an overload caused by a ban in Korea, even if they eventually ban it in a year or 2. Koreans aren't running a mining powerhouse as opposed to the Chinese and if China hasn't banned mining yet I doubt that Korea will. The effect of a ban would be Korea losing money on it, Koreans moving exchanges and money abroad, miners moving their farms, that's it.

Even if they were going to ban it, it would take a long time to happen. This is because first government officials would threaten to shut them down over and over, then back off. The South Korean government officials will issue each of these threats right after they take short positions across multiple exchanges. Once they think they have crashed the markets the maximum amount, they will close their short positions and rebuy to go long. They will then explain that they aren't banning crypto afterall, just strengthening KYC/AML laws. Wash, rince, and repeat, just like China.

I'm not sure I agree to this.
Probably because I have no idea what it says...

Definitely,it would have some effect on bitcoin's price but temporarily.Just when China banned ico and shut down the bitcoin e
exchanges,bitcoin price fell a little,but soon recovered.

It will be bad for bitcoin and other crypto, usually a country banning crypto will cause a drop and south Korean hold quite massive users so the drop will be quite serious and once the South Korea banned crypto I afraid that another country will follow it, hopefully bitcoin will just regulated not ban

someone just said in a different thread that it will not be banned, so calm down.

Same as to what happened in China: numerous press releases resulted into slight crashes but the market still bounced back. South Korea used to be a bitcoin friendly country but due to the increasing number of fraudulent ICOs they became stricter with their laws and regulation. Their main concern right now is to prevent ICOs from taking place in their soil or for their citizens to not participate in such rather than banning bitcoin exchanges all in all. The possibility is still there but I guess they'd still focus on money laundering problems first then tackle about exchanges later.

it's no use debating a topic that is just rumors because it will only increase fear in people and we will have a very big problem. People are going to run to sell because they are panic and this is not good. Just relax, I even commented that they are close to ban bitcoin but then read somewhere that said it is not so simple they ban bitcoin.

OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says (https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says)

Let's just run through this sort of situation, if this were to REALLY happen and not end up being some fake news. Then this would cause a pretty big stir up in bitcoin, as the price would fall a substantial amount under the guise that more countries are going to follow. There'd be a big sell off and then no other countries would follow, the price would come back up -- maybe even higher, and things would be completetly fine.

So, nothing in the end. It's just a hiccup in the middle.

If only one country banned bitcoin like korea and other countries still continue and accept freely in bitcoin there's nothing to worry all about, as long us our country today give a chance to access bitcoin we must go on until the end of time.

South Korea is compiled law prohibiting trade cryptocurrency bitcoin. Justice Minister said the existence of virtual money it into one concerned the government. some places Exchange cryptocurrency bitcoin in Seoul raided the mid-January, in an investigation of the case of the alleged tax avoidance.cited BBC, bitcoin during this move the wild. can increase dramatically and can also fell sharply. currencies digital bitcoin has jumped sharp in 2017 and encourage request large enough. this condition invite concerns about the number of residents addicted 'gamble' bitcoin. since there is a bit of them tempted to the value bitcoin great. "worries of the virtual currency and we prepare bill which prohibit the trades cryptocurrency," said the Minister of Justice South Korea, Park the-left, Thursday (11/1/2018). last December, South Korean government has actually tell if in 2018, it will be tightened supervision in stock Exchange, including bitcoin.
in case of things like this in South Korea, may affect the Exchange bitcoin in other countries, I wish there anticipation of this problem in other countries

I thought when south korea  bans bitcoin trading its the end of all altcoins market will be in a bloody red , but its not altcoins goes in red but only in a short period of time.

The FUD is in the house today. Just like China, South Korea tries to regulates ICO with leads to rumors of banning the whole crypto currency buzz. Scam ICO's are inevitable because of popularity of bitcoin. I think this is the only way to lessen the risk of investors that are entering ico's.

Because it will not impact Bitcoin. For a probable reason the Korean government’s intention might be to ban anonymous cryptocurrency trading rather than crypto trade in general, to ensure that traders comply with its rules.
In short government is requiring Bitcoin traders to do so under their real name, not anonymously. That's all. You can make (a lot) of money but you will need to pay taxes. That's fair enough, and let's not fool ourselves this will happen in every developed countries soon.

It is all just FUD. There are gonna be some regulations for sure but definitely not BAN.

I read that korea say that is not true

Bitcoin will goes down than.Issue is than Asia regulators S.Korea,China,Japan are working together now
There was raid,it means there was criminal investigation.Next can be Honk Kong
As a result we may have better quality,more responsible exchanges with working support
As for now exchanges are one nightmare

I heard that CoinMarketCap has delisted the South Korean exchange markets some days ago, because the prices of cryptocurrencies are higher there, but those markets do not register non-residents to make an arbitrage deals.

Probably, the news about banning the South Korean exchange markets are a fake.

How do you enforce a ban? Shutdown the internet?

As I hit post, lost my internet! Ha.

A lot of capital would quickly leave the market, depressing prices just as in the last few days. But then it would flow back in to other exchanges, and prices would recover, albeit perhaps not immediately to the same levels.

I have heard this news days ago that the south korean government has raided many of their bitcoin exchanges and even in coinmarketcap has delisted the south korean exchange markets. so the event of banning the South Korean exchange markets has a high possibility to be true, they are like china. So if that happen of course the numbers of exchanges will began to decrease and demand will be less, but that will not affect much because even China's big maket has not much had impact when it was banned.