sportis
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Veni, Vidi, Vici
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July 03, 2017, 09:03:37 PM |
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Good for us but sadly too bad for the users living there.
I hope my country doesn't make that decision.
Truly, what is the idea of the South Korean government to make this happen?
Is this really for bitcoin users and the countries economy or is it just for their pockets opinion.
If you will ask me this is some scary sh1t. A great news or a bad one?
A dive in price or a rise? Think of it thoroughly.
I don't know where you live but only if governments legalize the use of bitcoin as payment and not only as commodity people will be persuaded to use it. Otherwise they will keep is as digital asset instead of gold. As far as it concerns the price you could see the fluctuations of any fiat money even the strong ones. |
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BitHodler
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July 03, 2017, 09:05:58 PM |
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I am excited - after Japan, now Korea, and we may see another price surge caused by massive nationwide adoption!
Japan has been a great source of growth so far, but that doesn't really mean that other countries will contribute towards more growth in the same way. I think if enough countries follow the footsteps of those that already legalized Bitcoin, then in the long run it will translate into a market that constantly increases in value as the demand keeps rushing forward. On the other hand, while countries legalizing Bitcoin is a great thing in general, it has more or less become a hype. People will hold on to everything that they think is capable of increasing the price significantly. |
BSV is not the real Bcash. Bcash is the real Bcash.
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BigBall
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July 03, 2017, 09:10:58 PM |
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Oh I really like that because now I hope that bitcoin price will grow really fast and we will able to see bigger and bigger bitcoin pumps which will give us even more profit on trading with bitcoin.
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graysoon
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July 03, 2017, 09:27:10 PM |
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This is a good news and an opportunity to make bitcoin mainstream.. I think other countries will follow Japan and South Korea sooner or later  |
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Pattberry
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July 03, 2017, 09:36:13 PM |
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So all the Asian countries are taking over bitcoin by legalizing and it will create some interest for the citizens and i do expect some heavy investment like we saw when Japan legalized bitcoin and more people will start investing in bitcoin which could make some difference in the price of bitcoin.
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Seansky
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July 03, 2017, 09:40:22 PM |
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Somehow this news about legalizing bitcoin is good and bad at the same time for us and for people who lives there using bitcoin. The news is good because it might boost bitcoin's growth and it will be used by more people soon because it will be legalized by South Korea, therefore many who lives there might try to use bitcoin too. The bad news is that bitcoin would be regulated there and also it will be taxed. Anyway this is only a bad news for people living there that use bitcoin before this happened.
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Ucy
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July 03, 2017, 09:41:59 PM |
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After massive bitcoin trading activity in South Korea to the point where bitcoin price in South Korea exchange is higher than other exchange, it's no surprise South Korea government will take action.
As usual, it's good to see certain country legalize bitcoin, but i'm not very happy since all cryptocurrency users will be watched by government (no problem for investor though).
Not possible. Government will most likely go on extinction in the future. They can't escape it. We will all be bound by thesame law one day. Cryptocurrency is only the beginning. More powerful programs are coming. |
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satoshforever
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July 04, 2017, 12:30:53 AM |
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Jherek
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July 04, 2017, 04:18:11 AM |
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Regulate =/= legalize. this is a similar law that the Indian government has announced recently, and people said that they were going to legalize bitcoin when really it's just putting up more restrictions for the bitcoin traders out there. Now, is this really good news? Probably not. As we all know, korean exchanges have historically been overpriced. Reason being very tight capital control, if this was to regulated any further then bitcoin in korea is going to be even more expensive, and noobdy can buy it without taking an instantaneous loss. Thanks, i find that a lot more accurate. |
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Yuuto
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July 04, 2017, 05:31:46 AM |
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Well... I don't really know whether this is good news or not. It is certainly hot news, but a government regulating bitcoin is a two sided sword. Yes, merchants are encouraged to use bitcoin, and it is also beneficial for exchanges to operate on grounds that they will enforce KYC laws strictly. But then, it'll actually be harder for users to actually use bitcoin in their country becasue they'll have much stricter control over their wealth and government will just keep on stalking them to see how much bitcoin they have. Japan and Australia legalized bitcoin, because they took off taxes and didn't add new regulations. India and South Korea on the other hand, aren't benefiting the actual users of bitcoin at all. They just want to have a grip on bitcoin, before it overtakes the fiat economy. |
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Anegg
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July 04, 2017, 05:42:15 AM |
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Looks like the asian countries are making a move. This is good and bad in my opinion, since it will benefit bitcoin with even more media attention and more merchant acceptance, but bad for the government who now landed themselves an issues. People will definitely use bitcoin for tax evasion and the Korean Government is going to have a hard time stopping it. It is good new on the whole though, great to see more progress made for bitcoin to become mainstream and accepted worldwide. Hope to see more updates later on. |
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NorrisK
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July 04, 2017, 05:44:27 AM |
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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.
If you are a little bit realistic you would realize that bitcoin will never go mainstream if it is in a gray area. It needs to be regulated else the big money will/can never enter. |
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Amph
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July 04, 2017, 05:45:23 AM |
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What is supposed to mean, maybe they would adopt it but it is already hot in Korea. I would see a lot of people cry, because bitcoin already so high and no one expected to go higher.
well uh it mean that you can use bitcoin as a currency like in japan, which is huge because it open the door, for more adoption, everyone would try bitcoin now without fear their government in fact it was never illegal to beign with, it was not regulated, currently bitcoin is illegal only in few country like bangladesh, all the other just need to regulate |
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RedX
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July 04, 2017, 06:19:28 AM |
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Everything's going great for bitcoin and also for us that 100% supporting it. I'm just thinking why does that asian countries make the first move on legalizing or regulate it? or maybe they are just future-minded people.
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Minecache (OP)
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July 04, 2017, 07:32:26 AM |
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Everything's going great for bitcoin and also for us that 100% supporting it. I'm just thinking why does that asian countries make the first move on legalizing or regulate it? or maybe they are just future-minded people.
I don't know but the West are in danger of falling behind legislatively. |
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iamTom123
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July 04, 2017, 07:38:58 AM |
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Bitcoin could not live in a vacuum, that is for sure. It has to go mainstream no matter how slow the process can be but then along the way it has to compromise a little there and a little here. Recognition from the government can mean some regulations not on the technical side of Bitcoin but as to its use and for tax purposes. However, the most important thing is the net gain which such "legalization" or recognition from those who are in authorities can bring.
We all live in a world of compromise. If it can mean that we would all be required to present documents by Bitcoin services providers, then so be it. If it mean we would be taxed by Bitcoin-related transactions then we actually have a moral and legal obligation to do so, not just with Bitcoin actually.
The most important thing is that transactions can now be done under the bright light. How much an inconvenient it would be if any government would ban the use of Bitcoin and prosecute anybody doing business with Bitcoin.
We don't live in a perfect world and even Bitcoin is not perfect.
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xypos
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July 04, 2017, 08:01:09 AM |
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eh, i'm sure you realise this as well, bitcoin is simply going to be more regulated than it is right now. Not exactly good news, we hate it when governments try to tighten their grip on policy regarding bitcoin. In fact, this is more like bad news. I'm sure that S. Korea alongside India is just going to make the price of bitcoin in their country more inflated. As we all know, south korean and indian exchanges have the most outrageous exchange rates, often 10-20% higher than actual USD/BTC rates. The more regulation they put in, the more people are going to move towards p2p trading, though. Just like china has done when the central bank did a similar thing. |
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MienEva
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July 04, 2017, 08:21:23 AM |
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This is just another big bubble news story. Korea will will not be a part of Bitcoin in any way other countries are actively contributing.
At best they are gonna take the idea other have been working on for years. Since in my opinion bitcoin itself at the moment is stable (minus the transaction madness), its probably a good time to take advantage of the technology.
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samuraijin
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July 04, 2017, 08:40:59 AM |
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It's very good news only I'm more interested in it is also growing and accepted in many communities in every country, i think it will be cool
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Kyraishi
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July 04, 2017, 09:24:24 AM |
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Bitcoin could not live in a vacuum, that is for sure. It has to go mainstream no matter how slow the process can be but then along the way it has to compromise a little there and a little here. Recognition from the government can mean some regulations not on the technical side of Bitcoin but as to its use and for tax purposes. However, the most important thing is the net gain which such "legalization" or recognition from those who are in authorities can bring.
We all live in a world of compromise. If it can mean that we would all be required to present documents by Bitcoin services providers, then so be it. If it mean we would be taxed by Bitcoin-related transactions then we actually have a moral and legal obligation to do so, not just with Bitcoin actually.
The most important thing is that transactions can now be done under the bright light. How much an inconvenient it would be if any government would ban the use of Bitcoin and prosecute anybody doing business with Bitcoin.
We don't live in a perfect world and even Bitcoin is not perfect.
The problem is South Korea isn't legalizing bitcoin at all. Bitcoin was already legal in the sense that it wasn't illegal, you wouldn't get policemen knocking on the door before. To my understanding it was somewhat of a self regulated industry before this. However, now the government is going to regulate the exchanges themselves. This will probably mean that a lot of exchanges will be forced into complying with super strict AML laws, and exchanges will go out of business because no bitcoin user wants to do this. Is this really legalizing? No. It's simply putting more and more restrictions. It generates recognition, but it doesn't do anything positive, practically speaking, if not just completely negative. |
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