Bitcoin Forum
June 25, 2024, 06:03:40 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2017-12-12] Korea’s Justice Ministry Mulls Total Ban on Bitcoin Trading: Report  (Read 1795 times)
Terraformer (OP)
Sr. Member
****
Offline Offline

Activity: 574
Merit: 251



View Profile
December 12, 2017, 09:02:17 AM
 #1

The South Korean Ministry of Justice is reportedly planning to outlaw trading of all cryptocurrencies including bitcoin.

Citing an official from Korea’s Ministry of Justice, the Nikkei published a report with quotes from the ministry official suggesting a complete ban on all cryptocurrency trading in Korea, now firmly established as one of the world’s largest cryptocurrency trading markets. The draconic move, which is certain to meet opposition from other legislators including Korea’s finance ministry, is being considered in order to protect retail investors from potential scams, according to the official.

In clear statements on Monday, the report cites Choi Jin-seok – a prosecutor at the Justice Ministry in charge of cryptocurrency-related crimes, as stating:

"We do not rule out an option that bans trading of [all] cryptocurrencies. We acknowledge many problems stemming from the trade and are studying how to control them."

The hardline ban, if enforced, will take after China’s precedent in carrying out crippling measures to effectively shutter its local bitcoin industry. Korea has already followed China’s cue in enforcing a complete ban on initial coin offering (ICO) fundraising, although regulators have since hinted at a softer regulatory approach that would reverse the ban.

The Justice Ministry’s plan “will almost certainly face opposition inside the government”, the report further added, pointing to multiple endeavors by Korean government ministries to regulate – in effect legalize – the tremendously popular cryptocurrency industry.

For instance, Korea’s National Tax Service – operating under the purview of the Ministry of Strategy and Finance – is drawing up a framework to enforce income taxes on cryptocurrencies. Earlier in July, Korean politician Park Yong-jin, a lawmaker and member of the ruling Democratic Party set out to draft multiple revisions to existing legislation to mandate regulations for cryptocurrencies, an effort that is firmly taking shape in the country.

The move to regulate the local bitcoin industry began with a promise to introduce regulations by the chief of Korea’s Financial Services Commission (FSC) – the country’s primary financial regulator – last year.

As reported by CCN, FSC chairman Yim Jong-yong said at the time:

"The government will push for the systemization of digital currency on a full scale in tandem with a global trend in the U.S., Japan and other countries."

As to how the supposed ban on cryptocurrency trading could take place, the Nikkei report cites sources within Korea’s Justice Ministry claiming that “many prosecutors are leaning towards considering cryptocurrencies themselves a scam” as they aren’t backed by a monetary authority or a government. Such a classification would give the Justice Ministry the legal go-ahead to apply Korea’s criminal code and effectively ban cryptocurrency trading.

https://www.cryptocoinsnews.com/koreas-justice-ministry-mulls-total-ban-bitcoin-trading-report/
kueyen
Member
**
Offline Offline

Activity: 140
Merit: 10


View Profile
December 12, 2017, 05:03:18 PM
 #2

Didn't Korea have a task force concerned with figuring out how crypto works exactly, so that they could legalize and regulate it? The news which I have read so far were all giving a progressive vibe about Korea when it came to cryptocurrencies. It would be weird if they did a complete 180 and decided to ban it outright.

darkangel11
Legendary
*
Offline Offline

Activity: 2394
Merit: 1349


Don't let others control your BTC -> self custody


View Profile
December 12, 2017, 06:41:48 PM
 #3

The South Korean Ministry of Justice is reportedly planning to outlaw trading of all cryptocurrencies including bitcoin.

It won't happen. That's nothing more but FUD. All they're planning to do is regulate exchanges. This will go into voting and since the government is democratic the minister can't rule out anything because they haven't started debating yet! With the growing popularity of BTC, partnership with the USA and Japan, both of which are friendly towards cryptos,  and the revenue it brings chances of a real ban (Chinese style) are non existent.

███████████████████████████
███████▄████████████▄██████
████████▄████████▄████████
███▀█████▀▄███▄▀█████▀███
█████▀█▀▄██▀▀▀██▄▀█▀█████
███████▄███████████▄███████
███████████████████████████
███████▀███████████▀███████
████▄██▄▀██▄▄▄██▀▄██▄████
████▄████▄▀███▀▄████▄████
██▄███▀▀█▀██████▀█▀███▄███
██▀█▀████████████████▀█▀███
███████████████████████████
.
.Duelbits.
..........UNLEASH..........
THE ULTIMATE
GAMING EXPERIENCE
DUELBITS
FANTASY
SPORTS
████▄▄█████▄▄
░▄████
███████████▄
▐███
███████████████▄
███
████████████████
███
████████████████▌
███
██████████████████
████████████████▀▀▀
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
.
▬▬
VS
▬▬
████▄▄▄█████▄▄▄
░▄████████████████▄
▐██████████████████▄
████████████████████
████████████████████▌
█████████████████████
███████████████████
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
/// PLAY FOR  FREE  ///
WIN FOR REAL
..PLAY NOW..
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!