Ignore the FUD from the Korean exchange markets

[sangwookie]

I have lived in Korea for most of my life and we have been making news recently about the bitcoin ban. They are not banning it. They are discussing it. They are trying to figure out ways to protect the consumers and regulate the exchanges. If they ban the exchanges, bitcoin will just move underground and overseas which the government will not want. This is a country tries to protect what is theirs. For example when the iPhone launched around the world, Samsung tried to keep it out of the market for months. During that time they tried to copy it. I know because...I was part of a focus group that asked us questions about which functions on a keyless phone we liked. Many of the questions were topics they were sued for. They tried to differentiate themselves from the iphone but when we prefered many functions of the iphone, they decided to cancel it.

The government is trying to say that Crypto is like gambling which is illegal here except for some sports gambling.

Think of this as a buying opportunity.

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[alani123]

This has been the discussion about banning bitcoin all over the world in my memory. There's no ncentive for a developed country to do so because transactions would still happen without the government being able to intervene, plus the country would lose out on taxes and business development.

If Korean regulators put out laws that give cryptocurrency users ways to legalize their earnings through taxation and clear avenues for crypto enterprises to bloom through a supportive legal landscape then it would be beneficial for the economy.

[renagadewolf]

But this is becoming an occurrence every  few months where somewhere in the world they have banned crypto, only to be amended after a few days that "nope we didn't mean it like that"

Yet the market still panics every time.

[8270thNinja]

But this is becoming an occurrence every  few months where somewhere in the world they have banned crypto, only to be amended after a few days that "nope we didn't mean it like that"

Yet the market still panics every time.

We cannot put out that reality, That's the reality on Cryptocurrency, someone will always be swayed from these kind of FUDS and that is normal. I think Korean Government is just trying to release some FUD to all investors and get the chance on Buying Bitcoin on lower rate. They have an option on regulating exchanges to control the amount of won being traded.

[Ranly123]

I have lived in Korea for most of my life and we have been making news recently about the bitcoin ban. They are not banning it. They are discussing it. They are trying to figure out ways to protect the consumers and regulate the exchanges. If they ban the exchanges, bitcoin will just move underground and overseas which the government will not want. This is a country tries to protect what is theirs. For example when the iPhone launched around the world, Samsung tried to keep it out of the market for months. During that time they tried to copy it. I know because...I was part of a focus group that asked us questions about which functions on a keyless phone we liked. Many of the questions were topics they were sued for. They tried to differentiate themselves from the iphone but when we prefered many functions of the iphone, they decided to cancel it.

The government is trying to say that Crypto is like gambling which is illegal here except for some sports gambling.

Think of this as a buying opportunity.

South koreamight be planning to ban bitcoin and other cryptocurrency especially ethereum. If that is the case then many people will panic sell their stock and the market of bitcoin will drop. In my thoughts this is the main reasons why bitcoin price is going low since the second to dollars fiat currency traders has a plan to ban. But then again the minister of south korea clarify that they are just trying to regulate and not to ban entirely cryptocurrency in their country. So do not panic and stay calm for the betterness of crypto market.

[revo999]

the news says they want to check according to TAX- evade issues

if every country of the world just regulate exchanges - everything will be in order

[Nefarious]

Yeah the FUD was pretty over the top tbh, as is typical in Cryptocurrency space it seems haha. The samrt money would have been taking advantage of the situation to load up on cheap coins.

[sabrikks]

this has been discussed many times already and every other week we hear about countries try to legalize crypto and not because they want to protect consumers it's because they hate not getting a slice from the pie

[BTCforJoe]

Yeah the FUD was pretty over the top tbh, as is typical in Cryptocurrency space it seems haha. The samrt money would have been taking advantage of the situation to load up on cheap coins.

This is pretty typical for any news when it comes to media outlets... Not just for cryptocurrency, but for any topic. And true crypto enthusiasts don't shill or fud. It's usually the signature spammers that are the biggest fudders and shillers, simply because they have no idea what the fuck they're talking about.

I have lived in Korea for most of my life and we have been making news recently about the bitcoin ban. They are not banning it. They are discussing it. They are trying to figure out ways to protect the consumers and regulate the exchanges. If they ban the exchanges, bitcoin will just move underground and overseas which the government will not want. This is a country tries to protect what is theirs. For example when the iPhone launched around the world, Samsung tried to keep it out of the market for months. During that time they tried to copy it. I know because...I was part of a focus group that asked us questions about which functions on a keyless phone we liked. Many of the questions were topics they were sued for. They tried to differentiate themselves from the iphone but when we prefered many functions of the iphone, they decided to cancel it.

The government is trying to say that Crypto is like gambling which is illegal here except for some sports gambling.

Think of this as a buying opportunity.

Thanks for your insight to this matter. I'm American by nationality, but South Korean by ethnicity, and have family that are pretty involved with Samsung back in Korea. From discussing business with my family and visiting on many occasions, I would be extremely surprised if the Korean government decided to ban cryptocurrency altogether. I don't think that is the risk at the moment, but so much misinformation is being passed around by media outlets, it's not even funny. Thanks for giving us your opinion!