Bitcoin on South Korea

[LFC_Bitcoin]

Just wait until the next Olympics in Japan, bitcoin will be huge by then. Asia is at the forefront of bitcoin's development, success & future mainstream adoption.

[btcforall777]

If they unify with the North Koreans, bitcoin price could explode. Or if N korea attacks the South on response to a US attack, well that would be bad.

[ivanpoldark]

I believe that Chinese exchanges stopping withdrawal for a period of time is somehow good for bitcoin. It allowed to other exchanges to step up (Japanese and Koreans) and not giving monopoly to Chinese.

As for japanese, i have red interesting fresh article yesterday. It says that exactly japanese  traders now Inflate a bubble of altcoins.  They truly believe in XRP и XEM coins, because of there internal policy reasons, also japans now actively invest in other coins, that will be swing their course in nearest future.

[SoulBargain]

I believe that Chinese exchanges stopping withdrawal for a period of time is somehow good for bitcoin. It allowed to other exchanges to step up (Japanese and Koreans) and not giving monopoly to Chinese.

As for japanese, i have red interesting fresh article yesterday. It says that exactly japanese  traders now Inflate a bubble of altcoins.  They truly believe in XRP и XEM coins, because of there internal policy reasons, also japans now actively invest in other coins, that will be swing their course in nearest future.

Japan has really into with cryptocurrency world. That's nice really and also following Australia's legalization towards Bitcoin and other coins would be a good thing for everyone like as you said it will make the Bitcoin scatter rather than stay in one place that can't be controlled easily and put the mind of the users at ease thinking that China has been controlling the market.

[Victorycoin]

I believe that Chinese exchanges stopping withdrawal for a period of time is somehow good for bitcoin. It allowed to other exchanges to step up (Japanese and Koreans) and not giving monopoly to Chinese.

I think koreans are new but bitcoin was listed by Japanese exchanges quite sometime ago and yes volume on this new south korean exchanges look impressive. Chinese have monopoly on bitcoin mining along with trading volume and yes this monopoly should be broken to limit price manipulation.

Monopoly of any type is anti-social and with country like China, it can get even worse. It bears good tidings for Bitcoin and the entire cryptocurrency world to have other major players in Asia besides, China and we shall likely be seeing less maddening volatility and indirect market manipulations by the government through the exchanges they now control because Asia volume is now split.

[Ermpunk]

 South Korea is following suit as the country officially legalized international transfers and will soon have regulations regarding digital currency.

Earlier in July, Democratic Party of Korea Representative Park Yong-jin submitted three revisions of the Electronic Financial Transactions Act for Bitcoin users and businesses to further increase the growth of the market in South Korea.

Cointelegraph reported that one of Rep. Park’s proposals to the financial regulators of South Korea requested Bitcoin businesses and trading platforms to retain capital of around $436,000.

The revision of the Act also ordered data processing facilities for Know Your Customer (KYC) and Anti-Money Laundering (AML) purposes.

The Bitcoin industry in South Korea has yet to be fully regulated, but the government officially legalized cryptocurrency service providers to facilitate payments, transfers, and trades.

The revised bill has also started allowing financial tech companies to be approved by the Financial Supervisory Service (FSS), the nation’s financial regulator, enabling transfers of up to $20,000 worth of South Korean won in Bitcoin.

South Korea’s complete adoption of Bitcoin regulations have propelled the exponential growth rate of the digital currency.

South Korean Bitcoin traders faced asking prices of $4,500 at the end of May as the digital currency’s price continues to go up.

The South Korean Bitcoin exchange market already accounts for over 14% of Bitcoin trades around the world, making it the third largest behind Japan and the U.S.

The region has also seen the rise of startups devoted to Bitcoin remittance and the advancement of fintech, according to Bitcoin.com.

[chickenado]

I believe that Chinese exchanges stopping withdrawal for a period of time is somehow good for bitcoin. It allowed to other exchanges to step up (Japanese and Koreans) and not giving monopoly to Chinese.

I think koreans are new but bitcoin was listed by Japanese exchanges quite sometime ago and yes volume on this new south korean exchanges look impressive. Chinese have monopoly on bitcoin mining along with trading volume and yes this monopoly should be broken to limit price manipulation.

Monopoly of any type is anti-social and with country like China, it can get even worse. It bears good tidings for Bitcoin and the entire cryptocurrency world to have other major players in Asia besides, China and we shall likely be seeing less maddening volatility and indirect market manipulations by the government through the exchanges they now control because Asia volume is now split.

That's sounds nice for those Korean people out there and I really appreciated their government system, because of their good and profitable industry. I think it will even more expand and boom their economy especially they provide high quality products with their cosmetics and food. Their lifestyle is also trendy the more with their fashion. If they allow bitcoin to enter to their economy it will become bigger,closer to American's economic status. As we all know Korea is known for their cute stuff and good k-pop stars or celebrities. Since their movies or dramas are so popular, if bitcoin is one of the sources for their income, for sure they will always have top rated films and be very successful in their career.

[Vishnu.Reang]

This may be due to the rising tensions in the Korean peninsula. The Southerners are afraid that their national currency (South Korean Won) might get devalued, if the Americans attack North Korea. Purchasing Bitcoins may be an attempt to shield their wealth from this potential devaluation.

[Webetcoins]

This may be due to the rising tensions in the Korean peninsula. The Southerners are afraid that their national currency (South Korean Won) might get devalued, if the Americans attack North Korea. Purchasing Bitcoins may be an attempt to shield their wealth from this potential devaluation.

well that is interesting fact to hear, I fear that Korea have enough money to buy all bitcoin and then they suddenly collapse the bitcoin market, is there a backup plan for bitcoin? Well everything we predict is not possible but well we have to make our safe prepare for such things, but I believe bitcoin have some polices about that, South Korea will never be able to do that.

[Raxitto]

Last week, South Korean lawmakers were very clear in issuing the ban on all Initial Coverage Bids (ICOs). However, taking into account that the measure has not yet been implemented, multiple startups are expressing their disagreement.
In this way, numerous leaders of Blockchain companies operating in the country say that the ban has no legal basis. As reported in a Forbes article: "Local industry representatives based on the block chain argue that high ICOs are legally unfounded. Right now, business owners fear that excessive regulation will scare away national talent to more welcoming jurisdictions like Switzerland and Japan. " The members of the community remain very surprised, because although they knew that a negative announcement about the ICOs was on the way, they did not anticipate the implementation of a ban at its best.

[vaughn125]

I didn't notice until now (either that or the exchanges are indeed new) that we have south Korean exchanges and they have huge trading volumes.

[1] https://coinmarketcap.com/exchanges/korbit/
[2] https://coinmarketcap.com/exchanges/coinone/
[3] https://coinmarketcap.com/exchanges/bithumb/

I believe that Chinese exchanges stopping withdrawal for a period of time is somehow good for bitcoin. It allowed to other exchanges to step up (Japanese and Koreans) and not giving monopoly to Chinese.

Well for me, it really doesn’t matter who advances than the other. As long as they aren’t scamming people who work hard for what they have. And besides, any advances of whatever country in terms of crypto is nothing short of a good thing. Because it will benefit not just them but all of in in the crypto world.

[endlasuresh]

Just wait until the next Olympics in Japan, bitcoin will be huge by then. Asia is at the forefront of bitcoin's development, success & future mainstream adoption.

This will be very interesting during this time, since a lot of people will be betting in sports and I am too thinking to do same thing.
It's tough to say anything since these all Govt have only one decision and they want huge taxes.

[rido]

bitcoin is now allowed by many countries let alone asia country but I do not know with small country whether or not it is allowed.

[killerfrost]

I didn't notice until now (either that or the exchanges are indeed new) that we have south Korean exchanges and they have huge trading volumes.

[1] https://coinmarketcap.com/exchanges/korbit/
[2] https://coinmarketcap.com/exchanges/coinone/
[3] https://coinmarketcap.com/exchanges/bithumb/

I believe that Chinese exchanges stopping withdrawal for a period of time is somehow good for bitcoin. It allowed to other exchanges to step up (Japanese and Koreans) and not giving monopoly to Chinese.

What you say is absolutely correct and there are grounds when the government prohibits Bitcoin that Bitcoin source here will be transferred to new markets, including Korea. Korea is considered one of the most developed countries in Asia, as it is home to many major electronic media conglomerates in the world. So Bitcoin's arrival in Korea is a good sign for Bitcoin participants as the Bitcoin market is expanding and expanding.

[gribble]

South Korea’s Central Bank Chief: Bitcoin is a Commodity, Not a Currency.
 Bitcoin will be recognized and regulated as a commodity rather than a currency,
the head of Korea’s central bank told lawmakers at a parliamentary audit.
So be ready for pay the of bitcoin for users come from south Korea.
 https://t.co/ofsj6I3y21

[Bukx]

That is good news for bitcoin in this wide world. More exchanges just step up regarding the chinese issue.
Its good to see bitcoin will grow more and more in exchanger

[Rj Manik]

If this news is true then Bitcoin will be a great news for users.There are many big countries that accept Bitcoin.Among them South Korea is one.

https://news.bitcoin.com/worlds-top-10-bitcoin-friendly-countries/

These are the World’s Top 10 Bitcoin-Friendly Countries.

[BitcoinHodler]

South Korea’s Central Bank Chief: Bitcoin is a Commodity, Not a Currency.
 Bitcoin will be recognized and regulated as a commodity rather than a currency,
the head of Korea’s central bank told lawmakers at a parliamentary audit.
So be ready for pay the of bitcoin for users come from south Korea.
 https://t.co/ofsj6I3y21

the government always calls bitcoin a commodity instead of a currency for tax purposes, it has something to do with their tax laws which are different from other countries that is why they take a different approach.

you can see US did the same, but Japan called bitcoin a currency, takes taxes from investors and removes taxes from those who use it as a currency.

with more adoption i do believe more  countries will do what Japan and a couple of others did.

[gribble]

South Korea’s Central Bank Chief: Bitcoin is a Commodity, Not a Currency.
 Bitcoin will be recognized and regulated as a commodity rather than a currency,
the head of Korea’s central bank told lawmakers at a parliamentary audit.
So be ready for pay the of bitcoin for users come from south Korea.
 https://t.co/ofsj6I3y21

the government always calls bitcoin a commodity instead of a currency for tax purposes, it has something to do with their tax laws which are different from other countries that is why they take a different approach.

you can see US did the same, but Japan called bitcoin a currency, takes taxes from investors and removes taxes from those who use it as a currency.

with more adoption i do believe more  countries will do what Japan and a couple of others did.

Yes just there are two choice for the government of countries related the law of bitcoin and other digital coins,
bitcoin and other digital coins be considered as assets or properties,
 then the government can takes the benefit due to getting taxes from the investors of the digital coins
Or they can consider bitcoin and other digital coins as currency everything depending on the rules of countries.

[gwaposakon]

for me maybe , i think because asians country know about bitcoin , there is no problem is south korea is going to join bitcoin, there is no ilegal in joining bitcoin, south korea has a strong internet connection to enter the website of forum, maybe some of the south korea people are also playing bitcoin.