Would korean shut down bitcoin exchange?

[bitzzz]

Currently there are some news report about korean government. The report say the government there has great concern on bitcoin. Bitcoin has been very popular in korean. What we saw is that the price of altcoin is much higher in korean than the average around the world. However, the unconfirmed message about government's decision now gave a bit hit on bitcoin price. What we saw these two days is the continuous decreasing of all in the market. What if korean really close up exchange? It may pull the price down to zero!!!! I guese. So, do you think whether korean would shut down bitcoin exchange? Would that also lead other governments(like US or China) to close exchange? what if all exchanges are closed up in the world? 

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[sarfwr]

South Korean news today in my country also began to spread, don't have to worry about this problem, just like last year's China closed exchange, everyone thought that a bear market, but the btc reached $20000,

[Paula L. Jessen]

Currently there are some news report about korean government. The report say the government there has great concern on bitcoin. Bitcoin has been very popular in korean. What we saw is that the price of altcoin is much higher in korean than the average around the world. However, the unconfirmed message about government's decision now gave a bit hit on bitcoin price. What we saw these two days is the continuous decreasing of all in the market. What if korean really close up exchange? It may pull the price down to zero!!!! I guese. So, do you think whether korean would shut down bitcoin exchange? Would that also lead other governments(like US or China) to close exchange? what if all exchanges are closed up in the world? 

The Korean government's financial watchdog also said it was considering expanding current trade regulations to include virtual currency. However, this extension should also have a legal basis. These regulations include confirmation of the identity of investors, declaration of operating income, supply of electronic wallet codes for money laundering prevention and control.
The introduction of more regulations will help the virtual currency market in the country reduce the fraud. South Korea, despite being known as one of the world's largest virtual currency trading countries, is suffering a lot from investors here.

[tyuner4]

I don’t think Korea will shut down exchanges, they have been talking about it for awhile. The most is to follow China footsteps and regulate exchanges.

[CryptoBry]

Cryptocurrency has been adopted in South Korea at a dizzying speed that is why the government has been alarmed at such a tremendous growth of something which they still don't have the regulatory power over with. No, the government will never close Bitcoin or cryptocurrency exchanges just like what China did last year but will surely regulate the whole market so that things can be run properly and investors may not fall victim to shady practices by some market participants. Bitcoin exchanges have to follow the rules including KYC requirements for their members/clients and of course the most important thing they should be paying taxes or just any other business not following the law they can be subject to closure and penalties. I am predicting that cryptocurrency will definitely be blooming and growing in this very vibrant market. South Koreans just love to be part of the cryptocurrency market reinforcing my notion that there is a great future of cryptocurrency in Asia even if China had already closed its doors.

[poliy1219]

Don't worry too much about the South Korean news, a few days before the news, the South Korean government is mainly to the real name system for people to buy bitcoin, in addition to the foreign exchange control, it is necessary for the bitcoin market healthy development in South Korea, we see Japan and South Korea for bitcoin's attitude is open.

[fabskie21]

I also don't think that Korea will shut down the bitcoin exchanges because it is one of the world's larger trader on a country basis. That would surely affect their economy as well. Probably their gonna ban those unregistered ones.

[Revprojects]

I think it is unlikely that they will completely ban cryptocurrency exchanges. But even if this happens, I think the market will not fall and only a little shake. Then it will recover again, as it was with China in 2017. Don’t think about it too much.

[zhinaivan]

If korean shot down bitcoin exchange theres posible that the bitcoin is going down because of that but dont worry bitcoin is number one in crypto and i known that is back to normal value you known the crypto world if the coins is down buy and if coins up sell thats life to the world of trading.

[Granxis]

60% of the Ripple market is in southern korea, it was the most affected ripple. I think for Ripple these days are very good days, this week things have been very interesting. I hear that you are more interesting developments in February.

[minersday]

South Korean news today in my country also began to spread, don't have to worry about this problem, just like last year's China closed exchange, everyone thought that a bear market, but the btc reached $20000,

This was fake, and they have already said that it all was a huge FAKE, in fact, i think that the own government said that it was false.

It was only a bad move to make the price go down, and it did. Because all my entire portfolio is down by more than 30% at the moment.

And all those altcoins that i purchased after the dip, are down too, let's see when it is going to recover because i am a little bit tired of this dip.

[ylnar123]

Currently there are some news report about korean government. The report say the government there has great concern on bitcoin. Bitcoin has been very popular in korean. What we saw is that the price of altcoin is much higher in korean than the average around the world. However, the unconfirmed message about government's decision now gave a bit hit on bitcoin price. What we saw these two days is the continuous decreasing of all in the market. What if korean really close up exchange? It may pull the price down to zero!!!! I guese. So, do you think whether korean would shut down bitcoin exchange? Would that also lead other governments(like US or China) to close exchange? what if all exchanges are closed up in the world?  

I doubt it, south koea would not totaly shudown cryptocurrency. Intead of shutting it down, i think they would rather regulate the use of cryptocurrency in their market to even gain tax from cryptocurrencies.

[ilovefeetsmell]

South Korean news today in my country also began to spread, don't have to worry about this problem, just like last year's China closed exchange, everyone thought that a bear market, but the btc reached $20000,

After banning,  closing and avoiding bitcoins in their country but bitcoin still stand up alone with the higher price. They don't have power to do that even China can't do that. Creating exchanges is also a business and innovating our mind and manpower to make our life easy. We can't lose our bitcoins by just closing exchanges,  they need proofs and reasons why they need to close those exchanges.

[digaran]

I have an organization ready to replace any closed down exchanges in the world. there has been no indications of all the governments trying to work together to close down cryptocurrency exchanges, they are manipulating the market, they can earn Millions when prices are going down.
(note, even if they could shut down all the exchanges, my activity tokens will be there to trade, on Waves decentralized exchange, I told you that I have deved a Bitcoin killer didn't I?).

[derago21]

The whole crypto revolves around Asia, so any negative impact on Korea will affect its neighboring countries as well. But there are Big players from Korea, so let's not worry about it, No one will shut a trillion dollar business.

[avikz]

Currently there are some news report about korean government. The report say the government there has great concern on bitcoin. Bitcoin has been very popular in korean. What we saw is that the price of altcoin is much higher in korean than the average around the world. However, the unconfirmed message about government's decision now gave a bit hit on bitcoin price. What we saw these two days is the continuous decreasing of all in the market. What if korean really close up exchange? It may pull the price down to zero!!!! I guese. So, do you think whether korean would shut down bitcoin exchange? Would that also lead other governments(like US or China) to close exchange? what if all exchanges are closed up in the world? 

We both are on the same page. We have been hearing this news from quite some time. It is true that bitcoin and altcoin's value in Korean exchanges are really higher than any other exchange, almost 30% higher. So the risk of money laundering is way higher in the Korean exchanges compared to any other exchange. However, the Korean government has not yet come up with any concrete notification about this ban. It is speculated that Korean government will ban bitcoin and altcoin exchange like bithumb or Kraken, but no one knows for sure.

[Pursuer]

What if korean really close up exchange? It may pull the price down to zero!!!! I guese.

sometimes when an incident (news) is new and you have nothing else in the history to compare it to, you may "guesses". but when there is a perfectly clear example in the history you simple compare it with that one. and when there are multiple instances of it then you can be sure of the same result.

in this case Chinese market was 100 times bigger than Korean's ever was. Chinese government closed their exchanges a couple of months ago back when bitcoin price was still around $2000-$4000.
the result? a tiny price drop followed by the biggest rally of the year up to $20,000!

[BtcBling]

Currently there are some news report about korean government. The report say the government there has great concern on bitcoin. Bitcoin has been very popular in korean. What we saw is that the price of altcoin is much higher in korean than the average around the world. However, the unconfirmed message about government's decision now gave a bit hit on bitcoin price. What we saw these two days is the continuous decreasing of all in the market. What if korean really close up exchange? It may pull the price down to zero!!!! I guese. So, do you think whether korean would shut down bitcoin exchange? Would that also lead other governments(like US or China) to close exchange? what if all exchanges are closed up in the world? 

You do not need to worry regarding on this issue. The Korean Government does is to create a regulation regarding in Bitcoin or with other Altcoins. Regarding the market value of Bitcoin, it is normal that the value goes down but do not worry, expect it to rise up again.

[hoodi]

Yesterday I read news that they said that they don't tend to closes exchanges that it was hype.

[udidrone]

Yesterday I read news that they said that they don't tend to closes exchanges that it was hype.

i read that news too, it is only rumour, and korean government said not gonna to ban exchanges. so nothing to worry about it and people shouldn't panic about that

[Klestar]

I think the korean government will just close it temporarily and will put some regulations on it. Korean government wants to control the exchanges on their country to prevent abusive actions from the people and protect people from some scams and frauds. I've heard that 5% of bitcoins in circulation is under that exchanges which is kinda alarming for the community.

[s31joemhar]

Yes there is some news that spread about this matter. I am looking forward that it not may happen since korea is one of the biggest investor in bitcoin.

[lance04]

Based on my observations Korean will shut down the bitcoin exchange in their country because bitcoin replaced their currency and if they allow bitcoin their currency will be down and their country will also be down that's why they banned bitcoin in theory country that is for the sake of their country. Many country will do this also when their currencies is replaced by bitcoin

[fanbeila]

Currently there are some news report about korean government. The report say the government there has great concern on bitcoin. Bitcoin has been very popular in korean. What we saw is that the price of altcoin is much higher in korean than the average around the world. However, the unconfirmed message about government's decision now gave a bit hit on bitcoin price. What we saw these two days is the continuous decreasing of all in the market. What if korean really close up exchange? It may pull the price down to zero!!!! I guese. So, do you think whether korean would shut down bitcoin exchange? Would that also lead other governments(like US or China) to close exchange? what if all exchanges are closed up in the world? 

Korean government has been earlier thinking about completely banning bitcoin and other crypto currencies.But recent update is that it has just decided to regulate cryptos.

Even if south korea totally shuts don bitcoin exchanges,even then it would not make bitcoin price go to zero.Instead,it would have a small impact on bitcoin price.

[Marsouc]

They were thinking to totally ban crypto but I assume they found out that this wont be a good step forward for them. Thats why now they are planning to regulate it.

[shursight]

They said it was fake, and there were good news yesterday.

Yes there is some news that spread about this matter. I am looking forward that it not may happen since korea is one of the biggest investor in bitcoin.

They did not ban or shut down all the exchanges in there, they just created some kind of "regulation" over them, and to all cryptos in general.

I do not know if you are just randomly posting in here, or if you are really interested. But that is the real truth.

[adzino]

Based on my observations Korean will shut down the bitcoin exchange in their country because bitcoin replaced their currency and if they allow bitcoin their currency will be down and their country will also be down that's why they banned bitcoin in theory country that is for the sake of their country. Many country will do this also when their currencies is replaced by bitcoin

South Korea is not banning bitcoin or the exchanges. The exchanges at South Korea has been unregulated for years. Now they have decided to ban "anonymous" crypto currency trading. Note that they will not allow anonymous trading, which means that you will only be allowed to trade if you have your identification verified. So all exchanges will now be regulated and will need to have verified users. They will also need to give all information about their users to their local banks.

[xsudo23]

It's most likely a rumour. In my country there were same rumours about the government banning Bitcoins. Few newspaper even stated that it has been banned but the thing is it's very hard to completely shut something down in a democracy. And even if Korea bans Bitcoins, crypto currencies won't have any permanent damage, just like China who's market as people said in their posts before is much bigger than Korean market and still Bitcoin stood stronger than ever.

[Rath_]

It is very unlike that South Korea will attempt to shut down Bitcoin exchanges. As far as I know, a lot of Korea citizens have been investing in Bitcoin and other cryptocurrencies lately. For me, it is another fake news which aim was to lower the Bitcoin price like China and Russia did. Don't you think that some governments are spreading FUD in order to prepare for the "crypto cold war"? I wouldn't be surprised if they soon started to create huge mining farms and even their own fork of Bitcoin.