Cryptocurrency Now Fully Legal in South Korea

[abhiseshakana]

It is really good but on the other hand, the regulation may restrict the freedom of crypto, KYC will be required in any situations

State recognition of cryptocurrency de jure will be followed by a series of regulations that must be followed by all cryptocurrency players in a country. when it comes to this point all depends on the individual as the subject of the culprit. Do you dare to play fair or just pursue greed and profit as much as it is big?

In South Korea, the government is very proactive in handling cryptocurrency as one of the signs of the 4.0 industrial revolution. When the use of cryptocurrency touches the real sector, the country will pay attention to cryptocurrency. In Korea, the television and entertainment industries utilize the millennial generation of k-pop lovers to develop cryptocurrency. So that the development of crypto in South Korea is significant.

[Xampeuu]

this decision is very good. We know that South Korea is now a nest of the corona virus, where fiat money is one of the means of transmission. by using cryptocurrency for transaction tools, it can inhibit the spread of this virus so that it does not expand widely, because the vaccine has not yet been found,
with a rapid deployment will certainly cause disruption of community activities that have an impact on the country's economy

[Debonaire217]

No wonder why they completely allow cryptocurrency to run as of now. Because IMO, if they didn't allow it, more and more people could possibly be infected because of the capability of cash to pass the virus from one person to another. In addition, this post or news isn't only benefiting the S.O, but to benefit the other country to do the same thing, and it might be better if they encourage people to use cryptocurrency instead of cash. In my country, some of the people are already putting alcohol to their cash, so what I did is to take it as an opportunity to pitch cryptocurrency so that they don't need to worry about transacting.

[Watchful_Frog]

this decision is very good. We know that South Korea is now a nest of the corona virus, where fiat money is one of the means of transmission. by using cryptocurrency for transaction tools, it can inhibit the spread of this virus so that it does not expand widely, because the vaccine has not yet been found,
with a rapid deployment will certainly cause disruption of community activities that have an impact on the country's economy

I wonder if it can really work this way in the short term. Crypto will have to replace cash, the disease vector, by suddenly becoming at least just as accessible and ubiquitous. Don't get me wrong here, but I think it would take time to organize and tweak all the processes involved in paying with crypto. People nation-wide won't just switch to crypto as a replacement for cash overnight.
 

[TheGreatPython]

I wasn't aware that it wasn't fully legal in south Korea until now. They have exchanges and all other stuff there so I just assumed it was legal already since they were capable of starting those companies there and had no problems so far. I guess that was due to them being friendly with crypto in general and this just made it so much more clearer for everyone involved as well.

Do not forget that is is basically legal in USA as well which is probably worlds one of the leading economical powers (between china as well) and that didn't created such a huge surge in bitcoin interest in USA neither which means south Korea making bitcoin legal is not going to suddenly change the price. I am just full on warning everyone in case anyone thinks this will change anything.

[bitcoin_paypal]

Even this good news is not stopped recent drop from happening

[arrmia11]

grateful because of this news the price of bitcoin returned to the level of $ 9000, I hope bitcoin can survive at this level in a day, but I think with this news and the corona virus, making bitcoin still awkward to go up

Yeah that's great if this news was really true maybe the price of the bitcoin will returned to its old price and i think the investors are really happy for this news because they can invest all they want because they can assure now their investment and they don't have to worry about it

[Kurokonobasuke]

Well it’s good news for all South Korea people, because as we can see there are many transactions can happen online and crypto currency is a best decision that now is legal in that country. In my own opinion, as we relate nowadays in the pandemic coronavirus that happens on South Korea is almost 10,000 are get infected, and fiat currency is one of the major reasons on why it spreads rapidly. Using crypto currency in this situation like this is a must to prevent the virus on spreading it. South Korea did a right time to implement the crypto currency.

[dady12]

Even this good news is not stopped recent drop from happening

it seems like whole market settled down and stopped from crashing.
so now its a matter of time when market is going back up

[panganib999]

The good thing is that they are now legalizing the use of cryptocurrency, this is creating more awareness for bitcoin and other countries that have banned bitcoin will do the same thing very soon and will start allowing people to be able to buy and sell bitcoin.

Recently the federal court of India also approved the use of cryptocurrency and the news is everywhere.

All these good news will help to be creating more and more awareness for cryptocurrency and people who doubted it before will now come back to it.

Yes, this is a good news. South Korea's decision is indeed a wise choice. South Korea is one of the well known country in Asia which can influence other countries to legalize also the cryptocurrency in their town. This will also helps to spread the usability of crypto to our lives, making things work easier than before like buying and selling, low-cost transaction fees, local and foreign transferring of money, and scientific advancement and etc., which all of us could benefit. But unfortunately, there is still countries who did not consider crypto as a useful currency declining and banning it, a good example of this is India which they lifts ban to cyptocurrency trading, this is the article for reference:
https://techcrunch.com/2020/03/03/india-lifts-ban-on-cryptocurrency-trading/

Hoping that someday cryptocurrency will be legalize and make known on different countries, expecting it to be globally accepted and adopted in the future by governments and people so that we could live a better life.

[Mumbeeptind1963]

this decision is very good. We know that South Korea is now a nest of the corona virus, where fiat money is one of the means of transmission. by using cryptocurrency for transaction tools, it can inhibit the spread of this virus so that it does not expand widely, because the vaccine has not yet been found,
with a rapid deployment will certainly cause disruption of community activities that have an impact on the country's economy

It will be a good start since we all know that in different part of the world, south korea has a great source of business as well, when they also put this in their business, many business in other countries will do the same as well, as well as it can make the market grows because of that initiative.

[Blackdeath]

this decision is very good. We know that South Korea is now a nest of the corona virus, where fiat money is one of the means of transmission. by using cryptocurrency for transaction tools, it can inhibit the spread of this virus so that it does not expand widely, because the vaccine has not yet been found,
with a rapid deployment will certainly cause disruption of community activities that have an impact on the country's economy

It will be a good start since we all know that in different part of the world, south korea has a great source of business as well, when they also put this in their business, many business in other countries will do the same as well, as well as it can make the market grows because of that initiative.

It is really a good news for south korea who are now legalizing bitcoin and other cryptocurrencies in their country for their business or in making transactions. It is also a big help for them since there are also a lot of cases of the pandemic of corona virus in their country because it will also help to prevent the virus from spreading that they don't need to receive any physical money to make transactions.

[Latviand]

The good thing is that they are now legalizing the use of cryptocurrency, this is creating more awareness for bitcoin and other countries that have banned bitcoin will do the same thing very soon and will start allowing people to be able to buy and sell bitcoin.

It means that we are having an upward movement from time to time and we don't need to rush things, cryptocurrency will soon be more popular and be accepted by other countries. We don't know, maybe sooner or later, cryptocurrency will become a default currency that people can used in many transactions and can be replaced into fiat. I know that it is impossible for that to happen but we never know what will happen in the near future as our technology is advancing and people might use digital currency such as bitcoin for a payment.

Recently the federal court of India also approved the use of cryptocurrency and the news is everywhere.

All these good news will help to be creating more and more awareness for cryptocurrency and people who doubted it before will now come back to it.

India deserves to acknowledge bitcoin as they can manipulate their economy by this. They are the 2nd largest population next to China, and most probably man power will be effective in mining bitcoin as what China is doing to store their bitcoin. As they recently legitimized bitcoin in their country, that's the first step on achieving the success with the use of cryptocurrency. Now, they should promote mass adoption in their country so that the community will know how to use and to know the disadvantages of it to their economy.

Soon we will have more news regarding to a country accepting bitcoin in their economy and it is more likely to be helpful for us, so that we will now easily promote the proper use of cryptocurrency. Nothing is impossible if you're making a way just to do what you want to achieve in life. Credits to those people who work hard in helping and promoting the use of cryptocurrency.

[FanEagle]

Right now, it is not really that much of an important news anymore because of corona. People are trying to not die right now, so crypto is really nothing too important. Even on the best of the days when we peaked at 20k what happened was some people got in and many many people heard about us, but that was it, the football match that was going on got more news than crypto did, so it is really very very important to realize financial stuff do not get the interest of people who do not care about financial stuff.

If that person never really cared about stocks, forex, investments and stuff like that before he heard crypto, he will probably not care about crypto neither. Right now the situation is not that best neither, it is quite horrible out there so crypto is getting even less attention.

[Meowth05]

This is an understandable approach, they are preventing the further spread of pandemic and the contraction of the virus through paper money is evident with the current situation. This will be one for the books on the advantages of cryptocurrency. Good job South Korea.