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Author Topic: [2017-06-15] South Korea to Dispose of 216 Bitcoins in First Public Auction  (Read 297 times)
Terraformer
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June 15, 2017, 11:34:37 AM
 #1

The South Korean government will hold its first public auction of bitcoins that were seized from criminal proceeds, according to local publications. In doing so, the economic value of bitcoin will be recognized by the country for the first time.

Korean Government’s First Public Bitcoin Auction

The Korea Asset Management Corporation (KAMCO) has decided to auction off 216 bitcoins of criminal proceeds seized in April, according to local publications on Wednesday. KAMCO is a government-owned asset management company in South Korea. It manages state-owned properties, collects overdue taxes, as well as purchases and resolves non-performing loans of financial institutions.

Since seizing bitcoins, the organization has been contemplating what to do with the digital currency since there was no precedence. On Wednesday, MSN Korea quoted a KAMCO official saying (loosely translated):

Quote
It is the first time a virtual money auction will be held, but it seems to be similar to stocks that have changed prices.

Read more:

https://news.bitcoin.com/south-korea-dispose-bitcoins-public-auction/
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June 15, 2017, 11:45:55 AM
 #2

Demand in Korea has resulted in bitcoins commanding a premium there. This should be a good opportunity for whales to lap up some bitcoins.
However, the article doesn't say whether the bitcoins will be split into lots and auctioned, or sold as a whole.


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June 15, 2017, 06:30:53 PM
 #3

However, the article doesn't say whether the bitcoins will be split into lots and auctioned, or sold as a whole.
I don't see why it would be split into lots.  It's not very much for a rich person.

The South Korean government has obviously known that Bitcoin has value for a long time.

They know that perfectly well because they know that these 216 bitcoins were used to pay for illegal activities, meaning that other groups accept that they have value.

What really matters is that the South Korean government has recognised that it can be used by legitimate civilians rather than just criminals by selling to what they hope are legitimate civilians.

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June 15, 2017, 06:44:08 PM
 #4


What really matters is that the South Korean government has recognised that it can be used by legitimate civilians rather than just criminals by selling to what they hope are legitimate civilians.

Very interesting. I wonder if we see this continue as a trend in other governments (auctioning crypto currencies for fiat currency)? Or maybe even the reverse.
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June 15, 2017, 07:00:28 PM
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What really matters is that the South Korean government has recognised that it can be used by legitimate civilians rather than just criminals by selling to what they hope are legitimate civilians.

Very interesting. I wonder if we see this continue as a trend in other governments (auctioning crypto currencies for fiat currency)? Or maybe even the reverse.

Interesting indeed. I think this will be a first time that a bitcoin auction is going to held. Haven't heard any bitcoin friendly country doing it. I think the bitcoin auction should be on a portion so that a lot of casual investors there can get a cut out of it otherwise it will just turn to another whalers their. So its really positive that South Koreans is doing this instead of just losing the coins forever.

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June 15, 2017, 10:20:21 PM
 #6

However, the article doesn't say whether the bitcoins will be split into lots and auctioned, or sold as a whole.
I don't see why it would be split into lots.  It's not very much for a rich person.

Basically that. South Korea is quite an interesting market for Bitcoin, and it has been developing itself nicely in the last months. 216BTC is literally peanuts for them. I even find it a waste of time to have them go through the hassle of auctioning these coins, while these coins would get absorbed pretty easily by Korbit (South Korean exchange). But of course, that's how things go with governments - difficulties, difficulties, and more difficulties. Roll Eyes
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