Bitcoin Forum

Can anyone explain me South Korea is really banned crypto currencies or it is just a fake news spreading to create massive FUD?

If they banned please give the proof for it because many people saying they banned but some saying no they didn't yet ???

It is better to give a list of countries who actually banned bitcoins in their country.

I am also really don't know whether they banned or not yet but some of the forum members said they totally banned the crypto currencies in their country.But that is the main reason for crypto market is falling.
Another country banned crypto currency is China recently they totally banned crypto currency and all the exchanges(overseas and local) are already shut down by the Chinese government.
In my knowledge China,South Korea,Bangladesh,India(maybe not yet)and some other Asian countries banned crypto currencies in their country and if anyone caught using will leads to serious punishment.

India hasn't banned Bitcoin or crypto-currency till now, However Indian govt. attitude towards Bitcoin is not much encouraging. Even the Central Bank(RBI) of India also cautioned Bitcoin or cryptocurrencies users calling it a bubble and suggested to stay away from it.

That was called as FUD two days ago, but on news (on TV) they are still talking about it as a real delema of South Korea government and they are still thinking of it. Together with that I have heard today that already over than 200 thousands of people sined the petition to stop any banning, and this number is actually more than enough to the government pay serious attention on it.

Its just really a FUD which they do announce it recently about such news which is entirely fake and which causes a dump on price of bitcoin and into most alts.For those who did panic on those times then I'm sorry for their loss.For sure lots of them do cut loss because they do heard about that FUD but eventually it did recover after they do announce that its not really true and regarding on the thing you do mention on here 200k petition would really give attention into government.

Thanks for the info,but maybe soon they will take some steps against crypto currencies by shutting down the exchanges like China did earlier.

Wether its a FUD or a legit news, seems like it has already effect on the market. As we can ser, Bitcoin value really drop its value from 17000$ down to 12000$. Surely once the info got confirmation, value will once again hit down. Lets hope that its value would regain again, though I feel like tge risk is to high. Im still planning to buy more bitcoin and take this opportunity to gather greater volume of BTC. Though it's too risky, I still have my trust and support with bitcoin. Diffinitely it will once again back to its normal state.

There's a huge whale manipulation here for sure. It was cleared days ago that it was not a ban.

There is no official announcement from South Korea whether they are banning the Bitcoin, but people want to manipulate the market that's why they speculating rumors about South Korea. Even we have seen many times like this about fuding from different countries in order to decrease the Bitcoin value.

That rumor I never hear it before. As I know bitcoin in South Korea already legalized by their government.
For officially I never saw that's new before. But I sure their government not banned bitcoin, but their still use bitcoin for transactions in their country until now.

Based on the news, South Korea is still reviewing the option to ban the selling and buying of bitcoin and other coins which results to the meltdown of the price of bitcoin by 20% within 24 hours. see link,

http://metro.co.uk/2018/01/16/bitcoin-price-plummets-south-korea-says-cryptocurrency-ban-live-option-7233240/

They have long dealt with this issue. But I understand that the final decision on this issue yet. Maybe they have crushes China. They must realize that the prohibition of bitcoin in one country makes no sense. All traders from China moved to South Korea and Japan. Even if Korea will take this disastrous decision that will move to Japan. This is a chance for island States to access money around the world.

It is not a rumor it is true but what is not right is that the new was wrong. South Korea is only banning crypcotucurrency exchanges that are illegally being operated. The wrong news quickly has been spread globally creating a FUD but what they don't know is that the crypto market of South Korea is separated from the global market making their prices different from what we are seeing. South Korea's crypto prices are currently trading higher than the global market as of right now.

I totally agree with Harlot that South Korea isn't really banning the cryptocurrencies but those crypto exchanges that running illegally. If that are the reason on bitcoin fluctuations nowadays then that sadden some because many people I think panic sell that crypto world will go down plus some other fuds that raging on the web. Hope that bitcoin and other alt will bounce back more higher than it was declined from past days.

The rumor regarding a cryptocurrency trading ban was started by the South Korean Ministry of Justice, but the Finance Minister, Kim Dong-yeon has clarified that although shutting down crypto exchanges is a live option, government ministries would need to very seriously review it. The most likelier outcome is South Korea would be adopting a more heavily regulated crypto market including banning anonymous trading/requiring real-name transactions and probably forbidding underaged investors and foreigners from investing in Bitcoin and other cryptocurrencies on the Korean market. A South Korean petition against the regulation of cryptocurrencies have reached 219,168 singnatures.

https://cointelegraph.com/news/south-korean-petition-against-crypto-regulation-gets-200k-signatures-government-must-respond

http://www1.president.go.kr/petitions/76020?navigation=best-petitions

I really thought that they have issued a official statement few days ago and said that there would be no banning of crypto trading, however the options to put a tighter regulation is still open.

https://www.ccn.com/south-korea-govt-confirms-no-cryptocurrency-trading-ban-market-optimistic/

So I don't know what's the big fuss that happened in the last 3 days causing the market to crashed. I guess we really need to read between the lines to fully understand. And I believed that regulations will be put into action in the next couple of months by the South Korean government, but it doesn't mean that trading will be ban, the way I understand it. So I guess that the dust is not yet settled, investors are still not sure whether to invest today or better wait it out until everything is clear.

This really scares. But there are already rumors that it will be quite easy to outsmart the future restrictions.

South Korea has banned an initial coin offering (ICO) because it is feared as a speculative investment that will have a negative impact.
the local government also added that trading in digital currencies such as bitcoins needs to be closely monitored and controlled
According to the news I read like that

It seems to me that such rumors are being spread to provoke a panic. The whales are trying to lower the price. For this purpose all methods are good. In fact, no action we do not see. Bitcoin is still semi-legal asset in all countries. I like this period. We can accumulate coins and wait to raise their prices after legalization.

It is not a humor, it is a mere fact that is one of the reason why bitcoin price goes down, but it is just a temporary thing for sure starting this month bitcoin will rise again as South Korea has decided to continue bitcoin but they will just put their real name when making a transaction in their market as they wanted all of them who engaged to properly pay taxes.

It is rumor mate not humor.

The ban is just a rumor, a fake news, a FUD and to validate that it is a rumor read out these recent articles that came out fresh from South Korea.

https://www.coindesk.com/south-korea-doesnt-intend-to-ban-crypto-trading-says-finance-minister/

https://www.cnbc.com/2018/01/29/south-korea-cryptocurrency-regulations-come-into-effect.html

I knew this was always going to be nothing more than FUD trying to be used to shake off investors to panic sale...maybe the 200,000  signatures did not go against them after the Petition

It is true that they are on the brick of banning bitcoin in our country almost due to some recent issues regarding the increasing number of scammers and victims in the cryptocurrency, fortunately for us the governments or rulers in their country reversed this effects which turned favorable in bitcoin, because it resulted to an increase of number of firms accepting bitcoin as mode of payment.

The positive news will not propagate to each and everybody but Negative FUD will make the huge noise. It is completely fake news and South Korean government never said that they are going to ban the Bitcoin and Cryptocurrencies in their country.

I guess this one is rumor sir because if it were true wouldn't you think it will greatly affect the market value of bitcoin in our market today, I mean South Korea is one the most influential country in Southeast Asia.

That's what I'm noticing too, those positive news aren't being recognized by the people but instead they are more aware about those FUDs.

And look at what's with the news now, another ban in India and another thing that the Wolf of Wall Street is spreading FUD again so this is really intriguing that all together FUDs are coming.

We just need to stay calm and overcome this.

They are not becoming strict in their countrymen because they don't want cryptocurrency, well in fact they like bitcoin it is just that they don't like the idea that people had make ways to avoid paying their real tax, so they just made a way on how they can implement tax for those who are trading.

People are always focus on negative news because they are afraid of losing their money so they are always on alert when a negative rumor or news is spreading. The recent FUDs all come together to push the bitcoin price down because the whales are spreading it so that they can accumulate more. If you can see in the previous days, the shorts in bitfinex jump up that drives the price lower and it is the whales or institutions doing it, later on when they are out of steam, the fear still remains because of negative news one after another that's why it goes lower and now, when the issues are clear, the price is slowly creeping up.

South Korea doesn't intend to ban bitcoin, but due to increasing illegal foreign exchange trading that has reached to $594.35 million (as per reuters.com) the government decided to regulate exchanges and prevent the use of virtual accounts for trading. Precautionary measures like this have been decided by S.Korea to prevent illegal activities and money laundering.

FUD against the cryptocurrencies are widespread and reading only the headline of a news will only create further confusion and panic. Be sure to read the entire content of a news so you can be fully understand what that news is all about.
Contrary to some news, South Korea has no plans to bans crypto trading but their government have plan to tighten regulation and to cracdown on any illegal practices that uses bitcoin or any cryptocurrencies like illegal foreign exchanges operating in their area.

How many times did the ship already go down and come back up tho? I thought China ban was rough, but even after that, Chinese citizens are still trading peer to peer saying “fuck you, it’s my money” to the government.

I’m Korean, and tbh all I see from all this FUD and “emergency regulation” BS is just another government and wealthy class watching people freely moving around money and desperately trying to find a way to get their “cut” of the action.

You’d be shocked to know how easy it is for the top elites in Korea (Chaebol) to buy off the government at the drop of the hat and throw around stupid/unethical regulations disguised behind good intentions to strangle everyone else. Just like how things are in the USA.

hope it is like that, because let me wherever in a country let alone developed countries such as korea, will make and ensure impact to the surrounding country.
waiting for further information, thank you for giving me the information.

They want to become strict with their new rules about cryptocurrencies so that people will take responsibility the way they use it. They are only thinking of their citizens safety because they do believe that crypto's can be used illegally.

For those worries about the taxation that's why they can make their own ruling of law and they can regulate transactions from their local exchanges to tract people cashing out and pay accordingly their taxes.

South Korea will not ban bitcoin or any cryptocurrency, but they will regulate crypto exchanges operating in their country. This is contrary to some news earlier that the country's authorities are planning to shut down exchanges because of illegal activities. Their plan is to impose tighter regulation to curve illegal practices of bitcoin and other currencies within their area. Using anonymous bank accounts for crypto trading will also  being prohibited to prevent possiblle money laundering.

South Korea has been flirting with banning cryptocurrency trading for some time now. However, now it appears the country is backtracking. Bloomberg reports that South Korea's regulators have indicated that they will continue to support "normal" trading of the cryptocurrency.

No! The South Korea government won't ban the trading of crypto currencies but only the ICO in which it needs for them to regulate it, here is the link  https://www.engadget.com/2018/02/20/south-korea-no-ban-on-cryptocurrency-bitcoin-trading/. For me the move to regulate ICO should be supported as we all know that fraud ICO are now rampant in the market in which it is not good for the nation that these scammers will just easily to steal the hard earned money of the people.

South Korea has never been flirting with a crypto trading ban. It were corrupt government officials who tried to gain advantage of their authoritative positions by shaking up the market. It was pure insider trading.

The thing after that was that all South Korean government officials were prohibited from owning any crypto currencies, which makes sense after everything that happened.

It once again shows that manipulation isn't just happening by actively dumping or pumping the market, but also by using (abusing is a better term) high level positions. JPMorgan's Jamie Dimon did the same thing.

In my opinion, these bad decisions (Collective ban) by the governments (Including South Korea) towards Bitcoin and cryptocurrencies in general, is a political game. Moreover, it sure that they support Bitcoin in an indirect way through investing a large proportion of money in cryptocurrencies especially Bitcoin because they knew that after a few years there will be a collective recognition of Bitcoin though the majority of countries (governments) particularly when the development and success of digital currencies will continue.

As a matter of fact, sometimes we should not believe the news of Media because they manipulate everyone through  some fake and false information and unfortunately, many believe them , that's why  they always lose their money because of the rush to believe the news without making sure through the main source.

is in the process stage or even now completely prohibits the ban of bitcoin and the other has gone through considerable discussions with other government agencies including finance ministries and financial regulators. The South Korean government's stance triggered a fluctuation in the value of digital currencies in both local and overseas markets.