South Korea ban of all crypto transactions.

[MarkTrade19]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

[1715378897]

1715378897

[1715378897]

1715378897

[Zebra.Guy]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

Well this is only talk for now. There has been a hearing in Polish Parliament and the expert from central bank expressed the same views, that maybe they should be thinking about talking about considering banning bitcoin (irony was intended). But later he added that ok, but let's restrict ourselves to warning people for now.

So if it remains only talking in Korea we are all good. For now

[coupable]

Well this is only talks for some countries till now and i agree to not warn people in early stages when it may not happened what we would expect but some other governments took real steps beside cryptocurrencies; i would mention Algeria that recently banned all the cryptotransactions and mining farms from getting a legal state. The irony in this tries, is that they can't stop anything from being happened or forbidden laws for people to not get involved unless the cut all the internet cables. Technology is unstoppable so nothing to make people worried about till now.

[kakoli akter jhumu]

Yeah this is obvious that some countries govt thinks cryptocurrency may create bad impact on their economic system or banking sector....it may create deadline a country in future that's why they have started banning as soon possible to minimize the losses.

[OmegaStarScream]

We have seen what happened with China. I don't see why this would be any different, people will continue to trade using P2P services and with Atomic swaps coming, they won't be able to do much.

[tranle789]

I think they can not ban it all because Crypto is a trend in the world and everyone wants to apply in the future. For me Korea is trying to take the best measures to prevent corruption and minimize risk for investors.

[Direwolve735]

There is no secret that ICO has recently become popular around the world as an alternative mechanism for raising funds. South Korean financial industry regulator claim the need for strict control of trade operations with crypto-currencies. The rapid development of the crypto industry, a poor understanding of the principles of its operation and the lack of regulation cause fears in many countries. I think that South Korea simply did not want to take risks and decided that a crypto currency ban would be safer and more profitable for their state economy.

[Kambal2000]

I think they can not ban it all because Crypto is a trend in the world and everyone wants to apply in the future. For me Korea is trying to take the best measures to prevent corruption and minimize risk for investors.

South korea thinks bitcoin is just a joke and is just manipulating the price of bitcoin that is why many are being interested on it. They don't believe that bitcoin price is increasing because the demands is continuously increasing, they just thought that someone has large number of btc and that person/s is/are manipulating its price for their own sake.

[postokenlover]

It has not been banned for the time being. I think it's a bit better to control it, and bitcoin is hard to ban. South Korea's bitcoin enthusiasm is related to their civil war. Recently, people are worried about war, and many Koreans are buying bitcoins crazy.

[audaciousbeing]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

South Korea too? If this is coming from North Korea, I would not even be surprised at all because the dream of bitcoin or Satoshi has some place where its not valid. On South Korea the quote “an all-out ban”, is just a statement to hint on what the final end of everything will be and to start preparing the mind of users from that end. At the same time, I dont believe they can go the route of a complete ban because they will be shooting themselves in the following ways

1. They might eventually lose out in the way the future is going to shape out if bitcoin ended up becoming a mainstream that commands respect because the cost to get back in the game will be more than the benefit of exiting it in the first place.

2. What if they take a decision and some of their allies did not take that decision which means the attack will only be felt for a while and bitcoin comes back which then means the whole of their effort has gone to waste considering the avenue of under the radar activities that would be created as a result of such action.

Looking at these, I see them taking the diplomatic route by finding a way to maintain their society and still be ready for the future.

[TTITA]

Banned action already happened in some countries, such as China, Russia, Bangladesh, Ecuador, Iceland, Thailand before. Compare with some countries who already accept this such as Japan, Australia, Singapore, United States, United Kingdom, but i don't see another more countries will support to accepting bitcoin in future. Sounds pessimistic, but this is reality. Crypto currently exists will be very difficult to become currency, currency is a tool that can be used in everyday trading buy-sell thing, while the top #1 crypto is Bitcoin has higher value and takes high enough cost for each transaction, this more makes difficulty to make its regulations. Any countries like Indonesia, South Korea with many community in those country are starting investing bitcoin but government not ready to accept and adopt it.
Surely, this will not change anything. Crypto will continue and boom the world.

[Caesar-Giulius]

After China incident, it prove that Bitcoin will just continue to boom. Perhaps, there will be a chance for some dips and we are able to accumulate some BTC before the bull run.

[ipsum100]

I think it's good news, these comments always come before any regulation.

[rodskee]

Yeah this is obvious that some countries govt thinks cryptocurrency may create bad impact on their economic system or banking sector....it may create deadline a country in future that's why they have started banning as soon possible to minimize the losses.

I agree thats why banking industries hate bitcoin as currency because the goal of bitcoin decentralized cryptocurrency to replace the fiat. But the issue about bitcoin banning of south korea i think government of south korea want to handle and control the bitcoin as currency.

[HagueCrypto]

Every month the same news. It makes me sick 

South Korea will not ban cryptocurrencies man. They will regulate it, because it’s a monster business nowadays.

[BrewMaster]

... it was considering ...
“We are discussing ...

these are the keywords and in my experience there are lots of these types of "discussion" and "consideration" all around the world about bitcoin and banning or not banning it. even in Japan, you think they just all 100% agreed about adopting bitcoin?

and of course in the end it will all come down to two things: taxes and illegal activity.
they don't care about the second one that much, they care mostly about the taxes and the revenue that will create for them.

[nebuch]

Maybe this is just a short end ideas. If you look for long term cryptocurrencies moving faster and faster to other countries especially to those who embraced it.

[Anti-Cen]

Let me share u tip D.VA Signal Notifier https://t.me/DvaPump       
We are telling you with numbers.
[Profit table]
DASH +166%
ZEC +12%
Wavers +45%
EMC2 +30% (12.01)
TIX +48% (12.02)
REP +35%(12.03)................

Do you not see what is wrong here and were it is going ? I have time for you because your not running adverts but look at this chart

Red +10%(12.05)
Yellow +60%(12.06)
Blue +55%(12.07)
Pink +30%(12.08)

Tulip prices in 1629 and yellow ones did best and after the crash the politicians and bankers will pretend that they have a mandate
from the public to close all alt-coins down so people here making money from on-line casinos will be out of work and it won't be easy
to buy a bit of weed and this we are bringing on ourselves

I just want to send some type of currency across the internet without big brother watching or the banks owning the coins that is more or less transaction free
and is secure and the currency needs a stable price like all other units of payment have and I don't care about the asset appreciation or I would be trying
my hand at breeding kittens using Crypto-Kittens or something at $25.00 a cat.

We don't need the USD shooting up to make money on the black-market selling sugar after they introduce a sugar tax or something and we should be doing all
we can to keep the brokers out of BTC because often they are miniting their own coins and charging us a fee in the process

[subSTRATA]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

great clickbait title for this thread. not only has legislation not even begun, it's just the chairman of the commission dropping some statements about considerations that may or may not take place. that being said, personally, i'm surprised that the chairman feels this way, but individuals do have their own thoughts and opinions, it's just politics. however, even though this may be the mindset of the chairman, i doubt that a complete ban would actually go through, it's not as if law is implemented just because the chairman of the commission says they want it.

Every month the same news. It makes me sick 

South Korea will not ban cryptocurrencies man. They will regulate it, because it’s a monster business nowadays.

thats what i feel will be the end result after all the politics passes, but that's hopeful thinking on my part i think. certainly would be nice though, having a regulated environment that would provide a safe environment for the development of cryptocurrencies.

[mOgliE]

Hi,

This means that... Well, South-Korean bitcoinners will invest in VPN!

I mean, South Korea is completely freaking out of its northern neighbourg (and I can understand that)... Seriously, if you try to make an itinerary on Maps it is impossible.. Just because South Korea wants to protect it territory from the North.

So actually... this decision is logical and changes nothing.