South Korea considers banning Bitcoin trading

[Cryptoshops]

South Korea are considering banning bitcoin and all cryptocurrency trading

http://cryptocoinshops.net/index.php/news/south-korea-considers-bitcoin-trading-ban/

[Caesar-Giulius]

IMO, this is just fuds. Korea will be better off regulating the exchanges than banning them.

[waynechong1995]

That's rather unfortunate, they had brought ripple to moon but seems like South Korea is not happy about it, some ICO based in korea would die if that's so. Korea's down would just be another -20% total marketcap is everyone is seriously dumping their alts, hope things could recover like China to regulate but not performing a full scale ban.

[Marsouc]

If this really happen I can just say too bad for them... I understand to tax them but not to ban them...

[Cryptoshops]

IMO, this is just fuds. Korea will be better off regulating the exchanges than banning them.

Yep they are stupid if they do cause they will loose a pretty good revenue stream as long as the trading platforms adhere to thier tax laws which looks like they havent been doing which has caused the ministry to consider a law baning the trading of cryptocurrencys

http://www.bbc.co.uk/news/business-42645081

[Cryptoshops]

If this really happen I can just say too bad for them... I understand to tax them but not to ban them...

Lets hope other countries dont decide to do the same

[Bigpiggy01]

There seems to be a fair amount of confusion as to what they're actually doing. Going overboard would also hit Korean esports, account farming etc and that's a market that Korea has a fairly solid share of.

Forbes don't seem to think there is a panic on.

https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/amp/

Politicians blustering like in the bbc link earlier in the thread is just to give someone a shot at buying. I'll give you crypto worth xyz if you say abc and so on.

Also with the Korean-Japanese trade agreements (making it fairly easy for Koreans to trade in Japan and the other way around), the amount of potential capital flight will keep any possible legislation from getting too far out of hand.

[boldrik]

Its FUD. Korea will regulate rules, not ban.

[Cryptoshops]

There seems to be a fair amount of confusion as to what they're actually doing. Going overboard would also hit Korean esports, account farming etc and that's a market that Korea has a fairly solid share of.

Forbes don't seem to think there is a panic on.

https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/amp/

Politicians blustering like in the bbc link earlier in the thread is just to give someone a shot at buying. I'll give you crypto worth xyz if you say abc and so on.

Also with the Korean-Japanese trade agreements (making it fairly easy for Koreans to trade in Japan and the other way around), the amount of potential capital flight will keep any possible legislation from getting too far out of hand.

You are most prob right I think their biggest concern is tax evasion with the trading platforms

[Cryptoshops]

Different news outlets saying differnt things lol  one says its because of tax evasion the other says nothing about them being raided or tax evasion previously  They are basiclay saying they want to stop anonymous trading and regulate it or if they dont comply one option is to ban all cryptocurrency trading.

http://www.bbc.co.uk/news/business-42645081

[cryptopolus]

I just read in an asian exchange a notice (I think it was otcoin), that even if they start to pass the law will take months or even a year ( but its also possible they just read the news https://techcrunch.com/2018/01/11/south-korea-bitcoin-regulation-story-lives-on/ and commeted on it)

On a personal note: just as chinese found ther way around the regulation, I think korean will work it out too if its ever going to pass...Also it wont happen over a night, like it was in China, so much more time to figure it out. But as usual any news in crypto world true/false all get huge attention.

[Danica22]

so this is the cause why bitcoin is falling down rapidly... Its look like a market manipulation again what china did too... It will be good soon and they implement bitcoin again...

[patt0]

South Korea are considering banning bitcoin and all cryptocurrency trading

http://cryptocoinshops.net/index.php/news/south-korea-considers-bitcoin-trading-ban/

Well from what I've read, nothing is still decided, since the South Korean Ministry of Strategy and Finance does not agree with the Ministry of Justice to ban crypto trading, so the decision is not final, and it might not go through. For me this is China fud all over again, at least right now, coinmarketcap already removed the bitcoin price that comes from Korean exchanges, so as far as I'm concerned they are already out and can't really harm us. It will be a bad move in my opinion, but bitcoin will live through it as it did with the China ban.

[MattCrypto43]

When lot of country arrange seminar on bolckchain to make their samr on this technology  , same time south korea banned BTC trading .. hope one day they understand the value of Cryptocurrency 

[eucalyptus]

In my opinion I dont believe that South Korea is going to ban cryptocurrencies. Instead of that they will regulate. In Turkey a minister warned people and they can make regulation as well. But bitcoin price dropped today because of that.

[xebecstyx]

That's rather unfortunate, they had brought ripple to moon but seems like South Korea is not happy about it, some ICO based in korea would die if that's so. Korea's down would just be another -20% total marketcap is everyone is seriously dumping their alts, hope things could recover like China to regulate but not performing a full scale ban.

Good read first of all. I think these will end up as speculations. South Korea is one of those countries that are inclined to technology. The blockchain technology, the bitcoin market, and the cryptocurrency market in general, is a market that is heavily connected to technology. I think there are just having qualms on how the cryptocurrency market would play out. I think Koreans are known as people who are very critical with following rules and regulations and doing things by the book, therefore, I think they are just seeing the bitcoin market as a divergence, that's why they have some doubts embracing it.