Behind South Korea’s Cryptocurrency Boom

[rosber]

South Korea is one of the world’s most wired societies, with near-ubiquitous broadband access and blazing-fast Internet speeds. Now the country is also becoming a hotbed for cryptocurrency trading. South Korea is the world’s No. 3 market in Bitcoin trading, after Japan and the U.S., and the largest exchange market for Ether, Ethereum’s cryptocurrency, accounting for more than 33 percent of its market share. The country is also home to two of the top 15 global digital-currency exchanges (Bithumb and Coinone), both of which have built walk-in centers where investors can conduct transactions in person. Overall, South Korea is believed to have about one million registered daily traders in virtual currency, which is equivalent to about one out of every 50 citizens.

[cryptonero]

Well they are a first world country and they are educated what crypto is,unlike in the other countries few has only knowledge about BTC and they taking advantages about it.

[pikebu]

Well they are a first world country and they are educated what crypto is,unlike in the other countries few has only knowledge about BTC and they taking advantages about it.

Maybe yes for right now the government of Korea helps the community of bitcoin on there but there is bad news for the user's bitcoin on there because. The South Korean National Tax Service has announced its plan to impose taxes on cryptocurrencies including bitcoin. The agency is also discussing ways to make it compulsory for cryptocurrency exchanges to hand over their users’ transaction data. It take the profit from trading, mining bitcoin and any other activity related the bitcoin, also the government of Korea will takes your information of identity of users, so there are no privacy again. The government of south Korea starts taking advantage from the community of bitcoin on there.

[cryptonero]

Well they are a first world country and they are educated what crypto is,unlike in the other countries few has only knowledge about BTC and they taking advantages about it.

Maybe yes for right now the government of Korea helps the community of bitcoin on there but there is bad news for the user's bitcoin on there because. The South Korean National Tax Service has announced its plan to impose taxes on cryptocurrencies including bitcoin. The agency is also discussing ways to make it compulsory for cryptocurrency exchanges to hand over their users’ transaction data. It take the profit from trading, mining bitcoin and any other activity related the bitcoin, also the government of Korea will takes your information of identity of users, so there are no privacy again. The government of south Korea starts taking advantage from the community of bitcoin on there.

Thats sad to hear that,maybe they can use VPN services to trade their bitcoins with overseas exchanges and then convert it to USD so they can use  cryptos opportunity.

[kingvirtus09]

Well they are a first world country and they are educated what crypto is,unlike in the other countries few has only knowledge about BTC and they taking advantages about it.

Maybe yes for right now the government of Korea helps the community of bitcoin on there but there is bad news for the user's bitcoin on there because. The South Korean National Tax Service has announced its plan to impose taxes on cryptocurrencies including bitcoin. The agency is also discussing ways to make it compulsory for cryptocurrency exchanges to hand over their users’ transaction data. It take the profit from trading, mining bitcoin and any other activity related the bitcoin, also the government of Korea will takes your information of identity of users, so there are no privacy again. The government of south Korea starts taking advantage from the community of bitcoin on there.

That's bad though, governments wants to imposed tax with their citizen and it's like you need to show money to them on what you get. S.Korea needs decentralize

[BennDragon2]

Korea start accpect bitcoin and many other altcoins can make crypto become more popular in the world. Other country people can start invest and wait for their profit, Korea goverment make awesome move for people in other country. But in Korea, people will start to pay crypto taxt soon, and this may push all coins price up.

[pikebu]

Well they are a first world country and they are educated what crypto is,unlike in the other countries few has only knowledge about BTC and they taking advantages about it.

Maybe yes for right now the government of Korea helps the community of bitcoin on there but there is bad news for the user's bitcoin on there because. The South Korean National Tax Service has announced its plan to impose taxes on cryptocurrencies including bitcoin. The agency is also discussing ways to make it compulsory for cryptocurrency exchanges to hand over their users’ transaction data. It take the profit from trading, mining bitcoin and any other activity related the bitcoin, also the government of Korea will takes your information of identity of users, so there are no privacy again. The government of south Korea starts taking advantage from the community of bitcoin on there.

That's bad though, governments wants to imposed tax with their citizen and it's like you need to show money to them on what you get. S.Korea needs decentralize

Yes the government of south Korea needs to addoption the decentralize too at least for transaction of the bitcoin on there, should they give the freedom to their people to keep their secret, i can understand about the government of south Korea needs money via tax to build the country but i think they can take taxes from the exchangers (they are corporations, they must pay the taxes) and not for the users of bitcoin on there, if the user's bitcoin be taken taxes by government, i am worry the community of bitcoin on there can not grow and no one who interesting in the bitcoin.

[gribble]

Korea start accpect bitcoin and many other altcoins can make crypto become more popular in the world. Other country people can start invest and wait for their profit, Korea goverment make awesome move for people in other country. But in Korea, people will start to pay crypto taxt soon, and this may push all coins price up.

I don't know will cryptocurrencies is still boom at south Korea and i am not sure all of alternative coins price will be up couples months later, due to South Korea’s Financial Services Commission Plans To Reverse ICO Ban. South Korea’s Financial Services Commission (FSC) is planning to introduce regulations for Bitcoin and other digital currencies, as well as to lift the blanket ban on initial coin offerings (ICO) in the country. That's bad for cryptos currencies at south Korea, so do with the user's cryptocurrencies on there.

[siddartha1492]

This is almost unbelievable! 1 in every 50 South Korean citizens is in crypto!!! In India I think this ratio would be like 1:10000. I wonder how come their government is so lenient with crypto-currencies. Don't they have fears which govts. of all other countries have?

[Endikadija]

Korea start accpect bitcoin and many other altcoins can make crypto become more popular in the world. Other country people can start invest and wait for their profit, Korea goverment make awesome move for people in other country. But in Korea, people will start to pay crypto taxt soon, and this may push all coins price up.

I've seen the news about the korean try to banned the bitcoin derivatives and that was a good news. The bitcoin futures contract seminar was cancelling.  
https://www.coindesk.com/report-bitcoin-derivatives-banned-south-korean-government/
Where are you finding such news about the south korean will try to accept the bitcoin? Remember all of the volume in the korean exchange comes from the chinese. Those people from the chinese try to move into the alternative country that doesn't ban the bitcoin like china.

[gribble]

Korea start accpect bitcoin and many other altcoins can make crypto become more popular in the world. Other country people can start invest and wait for their profit, Korea goverment make awesome move for people in other country. But in Korea, people will start to pay crypto taxt soon, and this may push all coins price up.

I've seen the news about the korean try to banned the bitcoin derivatives and that was a good news. The bitcoin futures contract seminar was cancelling.  
https://www.coindesk.com/report-bitcoin-derivatives-banned-south-korean-government/

South Korea’s top financial regulators have clarified their position following reports by local media that they have been considering a possible ban on all cryptocurrency transactions, particularly bitcoin, due to  “there must be legal grounds (to prohibit all transactions).” i think it is good news for the community of bitcoin on south Korea due to the ban of bitcoin there is posibility will be canceled by government of south Korea on there, i hope it will be effect on the digital coins price to be more expensive on there, let's wait and see what will happen for the next.