[BREAKING NEWS]: South Korea to Legalize Bitcoin!!!!

[Netnox]

I can't confirm whether this news is true or if Bitcoin will ever become a legalized method of payment in South Korea. But if it happens, then the exchange rates are going to hit $3,000 per coin. If Japan can take Bitcoin from $1,000 to $2,500, then South Korea can take it from $2,500 to at least $3,000.

[chocolah29]

If you were to actually go ahead and read this entire thing you'd see that everyone who uses these cryptocurrencies are now going to be under the view of them the government and open to regulation, this isn't something that we want in the least. I'd rather be in a gray area when it comes to where my business is rather then them being able to just go right ahead and tax my crypto and my business into oblivion.

They even made a cryptocurrency / digital currency task force which is simply going to be able to impose regulations on us, this is a horrible day for us.

Precisely sir. This news is not so good for me. They setting some rules to mandate the tax from bitcoin. All the transactions of bitcoin enthusiasts will be under them to monitor. The anonymity will be lost sooner not later. Hope in my country will not legaliize or regulate bitcoin. Just leave bitcoin to us. This news will bring pros and cons to the community.

[Juggy777]

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/

Updates to follow as we receive them...

Before one gets happy or sad this lines deserve to excite you, citing the need to address “digital currency’s nonexchangability to other existing currencies” and intriguingly, “the possibility of wrecking havoc on national economy from digital currency bubble burst.

As we can read they feel Bitcoin can destroy an economy, and they are running scared, which only shows how powerful it is. But they are mistaken. Can't help them and it's sad for every trader cause now they will be under constant threat from the government sad day for Bitcoiners in South Korea.

[Wesimon]

Legalization of bitcoin in South Korea is probably for the government to implement tax on those who uses bitcoin and Etherium since the government does not have direct control over these crytocurrencies. As per stated in the article that South Korean government were facing issues on the tax evation and money laundering in terms of digital currency transactions. But ofcourse, if this happens, it will surely cause bitcoin to pump up its value but somehow will give a negative effect on the part of south Koreans who uses bitcoin.

[Sharma]

I am extremely happy to learn that south Korea going to legalise bitcoin.The only way we can push up mass adoption is governments accepting the existence and importance of bitcoin.

[EthBooks]

Great move! Koreans have gone past the “if” phase of virtual currencies, and even the “when” phase, and is now at the “which” phase, as in, “which virtual currency is most useful for my needs?” For some use cases, Bitcoin is the answer.

[Schuyler]

If tihs news is true indeed, then this could push the price back to $2,800 easily since this legalization will  make it more appealing to the typical users in South Korea, those who are still apprehensive about bitcoin and other crypto currencies. But this would also mean that they will be taxed for their transactions and pseudonymity would have to be given up. If that is ok with the common users, then this is all good news.

[Betwrong]

Although some people say in this thread that this is rather regulation than legalization and that it's a bad thing, I disagree with them, and I think it's a good thing. As the article suggests the effect of the regulation will be the legalization of the cryptocurrencies like Bitcoin and Ethereum. Thus much more people will be using BTC and ETH and with greater adoption the price will rise.

[staceyoh]

Nice! I think a lot of countries will
soon legalize and accept bitcoin.

[Lieldoryn]

We constantly see in the news that someone wants to legalize bitcoin, but every time we don't see action. Only intentions. I agree that legalization will increase the popularity of bitcoin, but at the same time will give a legal base for collection of taxes with crypto, and that's very bad.

[canvan]

We constantly see in the news that someone wants to legalize bitcoin, but every time we don't see action. Only intentions. I agree that legalization will increase the popularity of bitcoin, but at the same time will give a legal base for collection of taxes with crypto, and that's very bad.

What do you mean, we have seen lots of action and bitcoin is well regulated in many countries now. And if you are a law abiding citizen then taxes is definitely not a bad thing for you.

[emberbekas]

We constantly see in the news that someone wants to legalize bitcoin, but every time we don't see action. Only intentions. I agree that legalization will increase the popularity of bitcoin, but at the same time will give a legal base for collection of taxes with crypto, and that's very bad.

My government is still indifferent with bitcoin, so the possibility to legalize bitcoin here still takes a long time. When there is news that another country will legalize bitcoin, one thing that comes to my mind is the possibility for bitcoin demand will be higher, therefore, the price will surely rise. Of course it will make bitcoin holders feel happy including me. For now, I do not care about the other side effects.

[Vaskiy]

A good as well a bad news altogether coming from south Korea. The plans of legalizing bitcoin usage is quite appreciable, but at the same time around 880000$ worth of bitcoin being stolen from an south Korean exchange simply a bad news and this makes panic among common people regarding the security of using bitcoin.

[xuan87]

I am very happy to see another country is attracted to bitcoin and want to legalised bitcoin, it sure going to make bitcoin popularity go up and the price will also up because there will be more demand, but I see the word "regulate", that is something that I don't like, regulating bitcoin will make bitcoin like fiat, but eventhough with regulation bitcoin demand will still going up

[DoublerHunter]

It is not a surprising news for me because bitcoin is already noticed by a lot of countries in the asian part of the world and some of the non asian countries are also moving and they are also legalizing bitcoin because of the belief that bitcoin can help them in economic development for the different individual and also for their overall development.

[HanSchultz]

I am extremely happy to learn that south Korea going to legalise bitcoin.The only way we can push up mass adoption is governments accepting the existence and importance of bitcoin.

You really do not need a government approval to be mass adopted,you just need a simple tutorial informing the public about the positives and the incentives and the freedom you have with bitcoin and if you are able to do that then you will attract more people.

[paul gatt]

I can't confirm whether this news is true or if Bitcoin will ever become a legalized method of payment in South Korea. But if it happens, then the exchange rates are going to hit $3,000 per coin. If Japan can take Bitcoin from $1,000 to $2,500, then South Korea can take it from $2,500 to at least $3,000.

Like you, I can not confirm the news, however, I think it's incorrect, let's say other countries like USA, China, they are leading countries, but they have not done yet. Be that, so i think korea will not do it.

[MintCondition]

I am extremely happy to learn that south Korea going to legalise bitcoin.The only way we can push up mass adoption is governments accepting the existence and importance of bitcoin.

You really do not need a government approval to be mass adopted,you just need a simple tutorial informing the public about the positives and the incentives and the freedom you have with bitcoin and if you are able to do that then you will attract more people.

You didn't understand what the legalization of government means. Many people knows bitcoin but to use it because it seems an illegal and by the approval of government means boosting the confidence of all people to invest on btc because it feels safe. It is not just about teaching people how to use is enough to made them convince to invest in something that new to them.

[Denker]

How can you legalize something what wasn't illegal beforehand?!
This is misleading imo. It's all about regulating the on ramps to the crypto currency space.
Some may see this is a good sign, others not. I'm not sure if South Korea will go the way Japan did.
Guess we will have to wait and see what the future brings over there.

[mastadonballs]

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/

Updates to follow as we receive them...

Another country to want to legalize Bitcoin, maybe it will not affect so much to the markets and investors but when a county starts to accept Bitcoin, that will attract  investors to make investments in Bitcoin.