Bitcoin Forum

Today I read these news:

https://news.bitcoin.com/south-korean-court-rules-bitcoin-has-economic-value/

And now I am little bit confused, I think that South Korea is not quite sure, about its crypto policy.

What's there to be confused about? Their stance on Bitcoin is getting clearer and clearer the way I see it. They've already said that they don't plan on banning it, choosing to go the regulation route, and now they've ruled that it has value, and can therefore be confiscated.

Seems to me like they do accept its integration with society, for as long as it's not abused by shady individuals. South Korea is a major cryptocurrency market, and it's looking like it will continue to be. The crackdowns are just noise; most of these have already been done by countries like the US (regulation of exchanges, taxation, seizing Bitcoins, etc.).

To summarize the regulatory measures introduced by the South Korean government as one sentence, it can be summed up as "the principle of prohibition, the actual operation of the main regulatory."

Yes, maybe you are right. They are just trying to regulate the crypto market to get as much profit as possible from it. Hope all this news will positively influence the market.

It sounds like a sensible decision. If you can exchange an item or service for fiat money, then it obviously has an economic value.

The news is owned by the rich/governments/banks etc, and they are all afraid of bitcoin, so when the news is writing something you cannot trust it at all..

set yourself free, and stop listening to this crap they are all writing.

This Korean FUD is causing us enough troubles. i hope thing wil get better soon...

In what part you are confused with this rule on South Korea? Did you believed that they banned crypto before? Maybe that is the thing that's making you confused?
Just like what is quoted in the article.

Yes, everybody knows that in 60-70% news lie or do not give all the information. Anyhow, all this Asian fuss managed to kick Bitcoin and alts and let them rolling down. The best way out now is just to stay patient waiting.

South Korea had a major difference of opinion of what policy to pursue over cryptocurrency. They're officials are said to be working on a bill to ban the trading of digital currencies on the country's local exchanges.

As you are not aware of the new regulations imposed in the Korean market you came up with this thread ,the new regulation demands that you have to be a citizen in order to trade in the exchanges from Korea and they have found over six hundred million dollars worth of foreign investment in their exchanges and if you notice that the market went down drastically because of that move and i am not sure how they are going to take action for those investments.

Government officials have a disagreement on the issue of cryptocurrencies as a whole. But the majority opinion boils down to is to close all the exchangers, or those who violate the law. Thus, it should eliminate the confusion and lead to the regulation of cryptocurrency transactions. Such a policy caused a negative reaction from some politicians and local residents. Because of the unclear of his situation until it is impossible to implement.

Are said? By whom? What source? It's time you learned to separate the wheat from the chaff.


Which is great IMO. They have the right to demand verification from users who want to buy fiat for virtual tokens simply because they own fiat. It's the government's property and you have to accept their rules if you want to buy their money. That's why I'm trying to limit my fiat holdings to a minimum.

korea is on guidelines with Japan good they are regulating with taxation

Korea is really insisting on keeping these things on a national level, don't they? I remember reading that they had a similar system in place with online video games, where you can't play them unless you enter your social security number or something. Really interesting to me that they would leave foreign investment out for the sake of keeping exchanges domestic.

Finally the governments are acknowledging what people in this space have known for well over 5 years now and that Bitcoin is NOT a scam, ponzi, fraud, and whatever crap was being peddled about it. Thank goodness!

Do not be confused since this is already expected. We in the crypto community has created something of value from nothing. As to what they did when they created fiat, money worth nothing but a piece of printed paper back then until people started using it and adapting to the new system. Change is inevitable.

Well, in my honest opinion, I really do think that they are making the right decisions as of now and I have reason to believe that they already are having huge plans behind the back of every countryman that they have. But even so, it is still a good decision. Since i honestly think that it will soon make thing even more better for us. The thing is, we cannot be sure with them. All we can do is to let them be. Whether fail or succeess, let's just hope we all would be able to benefit from these things.

Every coin has its beginning. Now the use of the coin has increase from the mere virtual exchange. Maybe he wants to use the word surprised instead of confused and it takes time to trust but now we believe in the currency for lasting exchange.

Because of the lack of any regulation in the cryptocurrency space, governments try to control this new market with their own regulations. In order to protect individuals and to prevent criminal activities like money laundering, exchanges are regulated for those reasons. Korea's crypto policy might look confusing, but they know what they're doing.

There is nothing to be confused about. The South Korean government does believe that bitcoin has its own economic value. They did not ban bitcoin or crypto currency nor are they against crypto currencies. All they did was ban anonymous trading at exchanges. That means you will have to verify yourself and give out your information before you can trade crypto currencies.

It is more apparent that the FUD is caused by the people who couldn't interpret what is going on and instead panicked.
The same happened later with Indian declaration that Indian Government will take a closer look at the illegal usage of Bitcoin.
There is nothing to be confused about - South Korea decided to follow the path of regulation and embracing cryptocurrencies, instead of fighting with it.