South Korea putting an end to trading through cryptocurrencies

[lelahkenabanned]

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

yes it looks like south korea has a slight loss in trading cryptocurrency and different from china, china has a lot of miners or miner tool to produce bitcoin and not afraid of what price will happen up or down they are not afraid, if korea like china which have many miner tool definitely south korea still legalize bitcoin.

[sanmankrauss]

Maybe the current price fall of bitcoin is due to the South Korea's ban but it is not the only reason because many altcoins are popping up so the people are just changing from bitcoins to altcoin.I don't think the South Korean ban will have a big impact on crypto currency market.

Korea will have a big impact almost 5% of all trade happens from there
So saying South Korea has no impact is kind of ignorant

[boogy07]

Some Governments will try to stop or control cryptocurrencies.
This will cause some additional volatility when its related to places like SKorea, naturally.

But we shouldn't expect any permanent price depression. Adoption is growing, not declining.
And the trading machines only present opportunities for short term gains at the moment.

[care2yak]

the news is saying that the government seeks to calm the frenzied demand for bitcoins - hence the crackdown/raids.

https://www.cnbc.com/2018/01/10/police-tax-authorities-raid-south-korea-cryptocurrency-exchanges-for-tax-evasion.html

[BitChief]

the news is saying that the government seeks to calm the frenzied demand for bitcoins - hence the crackdown/raids.

https://www.cnbc.com/2018/01/10/police-tax-authorities-raid-south-korea-cryptocurrency-exchanges-for-tax-evasion.html

Things are really starting to heat up in these asian countries. I really hope this is not a taste of things to come in the West.
Still, I find it hard to see this having a long term impact on crypto markets. There is already so much money in the system.

[moonchaser_babylove28]

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

That is a sad reality for the whole community of bitcoin, but it might trigger more resistance especially those wanted to koin the ride of the century. As I can see it, they still wanted to control their people, but in the end people will decide for themselves. There are more countries in this world, we can survive without 2-5 countries. We have the remaining countries to fulfill our dreams.   

[Kakmakr]

We have gone through the exact thing with China a while ago. The Chinese government even closed down the unregulated exchanges, until they adhered to the Chinese regulations and most people were running around, saying that Bitcoin was banned in China.

These governments have a obligation towards their consumers to protect them from fraudulent exchanges and financial institutions, so they will implement strict regulations to protect their economy and also their citizens. <Well, that is their excuse, not saying that this is the real reason>

As soon as people realize what this is, FUD will decrease and this will go back to normal. ^smile^

[Ariess]

I think, fear like this news will only hurt you. I'm sure, bitcoin and eth are able to survive again. however, such cases have occurred frequently. I'm sure in time there will be many countries in the world that will adopt crypto.

[barabut]

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

South Korea's justice minister said on Thursday that he had prepared a plan to ban all kriptocurrency trade in the country.

This news is an important development for the field of cryptocracy; because South Korea is one of the biggest markets for big money like bitoin and ether.

According to the industry website, CryptoCompare is traded against the South Korean boiler with more than 10 percent of EteReum - the second largest concentration in the price currency behind the dollar. In the meantime, 5 percent of the endosine rate is being processed against the win.

"There is great concern about virtual currencies, and the ministry of justice is basically preparing a design that prohibits cryptocracy trade through the stock market," Park Sang-ki, the ministry's press office said.

According to the park's statement Bitcoin fell more than 12 percent. At 12:35, HK / SIN, cryptocracy traded at $ 13,042.79 per ton.

He added that the cryptocracy trade could not disclose further details of the closing of the stock exchange, and that various government units would work together to implement various measures.

The trade in cryptocracia in South Korea is very speculative and similar to sand. According to overseas evaluations, it is considered "abnormal" because the price of important cryptographic currencies such as vegetarians is higher than the others in the country. This difference in price is called "kimchi premium" by many traders.

After the announcement, the stocks exposed to the bit-threshold in the country suffered a great blow. Omnitel shares in Bitcoin remittance business fell 30 percent, Digital Optics 13.46 percent, KPM Tech 5.19 percent.

People familiar with the investigation came to Reuters after the news that the largest crypto shopping malls in the country were raided by police and tax offices this week for alleged tax evasion.

[mrjoy15]

The recent price fall is completely based on the South Korea unlisted the cryptocurrency exchanges that has been getting into the trading process. But this seems to be a temporary price drop and could experience a price retaining at the earliest as adoption from other parts of the world is happening good.

Yes, South Koreans feel threatened by decentralized currency and feel the need to BAN over it. However, price falling just temporaray as nothing can climb up forever. Cryptos it will recover like it always has to ATH.

[Drunkenhorse]

Not sure it will be the end. Perhaps they just showed who is the boss with an aim to regulate exchanges at some point.

[DaveWave]

Okay it is clear already. Title is misleading. Korea just wanted to regulate all cryptocurrency exchanges in their country. Nothing bad in my opinion as it will be considered as business entity.

[Shamie1002]

South Korea is one of the major crypto player. Korean involvement is so high that , they can disrupt crypto market if government really bans all exchanges.
However, I don't think government will ban crypto exchanges, but they will nail down illegal exchanges and traders.
what government want is taxes, and will make a system where trades are transparent and government could collect taxes based on money earned by investors.

Well, I guess you haven't got the chance to know China when it was very active in bitcoin industry before their government banned local exchanges.
It shook the grounds of everyone and they thought it was the end of this industry.
I see another country banning bitcoin as just a normal thing that government do.
If this is a true news then, I think people will panic again and they will be contributing to much of another bloodbath.
And if it's a FUD, hahaha. I think it will be having the same effect.
People should really specify their topics, regulating is far different from banning.

[BabyBoss]

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

I think bitcoin are not being controlled since it is decentralized coin amd if that is the main reason why bitcoin will be ban in that country I think it has big impact since that country is already part of what bitcoin now bit I think they are not being control it but they can also destroy some by letting not bitcoin not come again in their country so that they shoul ban it for them to not already accepting bitcoin in their country. If that will be their plan, then no one could even do some plans again.

[crisanto01]

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

I think bitcoin are not being controlled since it is decentralized coin amd if that is the main reason why bitcoin will be ban in that country I think it has big impact since that country is already part of what bitcoin now bit I think they are not being control it but they can also destroy some by letting not bitcoin not come again in their country so that they shoul ban it for them to not already accepting bitcoin in their country. If that will be their plan, then no one could even do some plans again.

I think that South Korea thing was just a temporary thing so we need nothing to worry about it when it comes to price, it will eventually rise again, let us take note that we are the ones making the value, with or without the help of Korea bitcoin will still exist for as long as we will here to support 'till the end.

[usahaali03]

Is it absurd that many countries ban bitcoin, why do they forbid bitcoin ?, Is bitcoin ever harmful to a country ?, of course not, even some people become rich because bitcoin.

[monkeydominicorobin]

They wish that they can put an end  to Bitcoin. Many have tried but every single one of them failed. You cannot ban anything as intangible as Bitcoin. It is similar to banning Romance Comedy in South Korea. It is just absurd.

[dothebeats]

What used to be one of the driving force of crypto in Asia seemed to lose its prowess over a course of three months because of the boom of fradulent ICOs. I couldn't blame them since they're just trying to avoid the worst case scenario of people jumping aboard a ship they don't fully know where it's headed to. Like China, the news might generate a slight negative market reaction, but with the participation of institutional investors' money, the market would surely shrug it off within a few months time.

[Saisher]

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges

Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental

Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

Remember when China ban cryptocurrency trading the price drops but it regain after a few weeks only and I don't think Korea is much bigger than China, of course, there will a price drop but not enough to take down cryptocurrency permanently

[eaLiTy]

Recently bitcoins plunged even lower than what it was before because of the statement made by south Korean prime minister about banning trading of virtual cryptocurrencies through exchanges
Etherum and Bitcoins are majorly controlled by countries like south Korea and now since they are gonna ban it the effects it would have on currencies would be detrimental
Would it recover ? Because it's simply bigger than China also countries like India are also thinking of putting a ban!

Korean is a big market for crypto currency and an indication from their government official about banning of trading affected the price very much,earlier we used to see these sort of news from the Chinese market and the market would react according to those news and it took over an year to actually ban their exchanges and this is the case i expect from Korea too,hopefully the market might recover even after the Korean's ban trading,only time will tell.