Korea is getting ready to ban cryptocurrency trading. ruh roh

[criminalbee]

I believe Korea will not ban cryptocurrency, like China they just want to regulate it. We all know that majority of altcoins are shitcoins and we cannot deny that. If you are a leader of a country, you have to protect your people from scam to happen.

[Opurum]

I think S. Korea will not take the wrong step and ban cryptocurrency trading, seing that Japan their bigger neighbour and economic pacesetter in that block has a positive attitude towards cryptocurrency generally. The S. Korean authorities are probably concerned about the high exchange rates of cryptos in S.Korea, which of cause is higher there due to the unfavorable forex and fiscal policies of the goverment which extremely limits the amount of money Koreans can invest or take abroad. The consequence of that policy is that cryptos that enters the S. Korean market are exchanged at much higher rates than in other markets because Koreans apparently have a high demand for cryptos as it provides other means of taking more money abroad. That potents economic loss in a way and the worry of the authoriies in Seoul.

[stripykitteh]

I believe Korea will not ban cryptocurrency, like China they just want to regulate it. We all know that majority of altcoins are shitcoins and we cannot deny that. If you are a leader of a country, you have to protect your people from scam to happen.

South Korea trying to regulate who can purchase Bitcoin is not going to end well for them. There will still be people wanting and using Bitcoin with that ban in place.

[DroidR17A]

Hold your horses cowboys...not so fast.

The South Korean Justice Ministry has backpedaled somewhat on its proposal to brazenly shut down all domestic cryptocurrency exchanges following a public statement by the country’s Presidential Office.

Earlier today, South Korea’s Ministry of Justice organized a press conference wherein Justice Minister Park Seng-ki spoke of drawing up legislation to shutter local crypto exchanges in the country. The move would effectively halt trading of cryptocurrencies like bitcoin in the Korean market which resembled “gambling and speculation,” Park said in his briefing.

The official’s remarks have seen a backlash from everyday citizens petitioning – some 71,000 signatures and counting – against the proposed ban to such an extent that Korea’s Presidential office, through its chief press secretary, moved to issue a statement stressing that the proposed ban was “not a finalized decision.”

The Justice’s Ministry’s proposed ban hasn’t found support from within the government either. “We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” read an official statement from the government’s Ministry of Strategy and Finance.

https://www.ccn.com/koreas-justice-ministry-softens-crypto-exchange-ban-proposal-after-backlash/

[Hemady17]

Wow very sad story to here. I believe in the potential of having a cryptocurrencies. I just hope We have to police ourselves from scammers. Those are main main culprit of our possible demise of crypto.

[Opurum]

Hold your horses cowboys...not so fast.

The South Korean Justice Ministry has backpedaled somewhat on its proposal to brazenly shut down all domestic cryptocurrency exchanges following a public statement by the country’s Presidential Office.

Earlier today, South Korea’s Ministry of Justice organized a press conference wherein Justice Minister Park Seng-ki spoke of drawing up legislation to shutter local crypto exchanges in the country. The move would effectively halt trading of cryptocurrencies like bitcoin in the Korean market which resembled “gambling and speculation,” Park said in his briefing.

The official’s remarks have seen a backlash from everyday citizens petitioning – some 71,000 signatures and counting – against the proposed ban to such an extent that Korea’s Presidential office, through its chief press secretary, moved to issue a statement stressing that the proposed ban was “not a finalized decision.”

The Justice’s Ministry’s proposed ban hasn’t found support from within the government either. “We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” read an official statement from the government’s Ministry of Strategy and Finance.

https://www.ccn.com/koreas-justice-ministry-softens-crypto-exchange-ban-proposal-after-backlash/

A welcome development. We hope this sparks some positive movement in the market.

[jakiro.hovard]

Koreans seem to use the news very skillfully to regulate the course of our beloved grandfather, and if you can manage it, you can regulate most of the altcoyns, so I think that they are for this reported about such news, but I think everything will be fine

[rehydrogenated]

They clarified that they were not planning to stop all cryptocurrency trading. They are just doing the same thing almost every major country has done, which is to stop unregulated ICOs. This was inevitable in a world of blind investment by noon qualified investors.

[Elby]

I believe Korea will not ban cryptocurrency, like China they just want to regulate it. We all know that majority of altcoins are shitcoins and we cannot deny that. If you are a leader of a country, you have to protect your people from scam to happen.

Do you really think the governments care about this? They only care about tax, just like the goverments care about our healthcare when they approve selling legal drugs (tobacco industry) so they gain more tax income? It's only because they want to get tax out of it and they see their own money system going down thanks to crypto.

South Korea will not ban it, because then they will lose economic power to Japan and other Asian countries who adpot cryptos, countries who will ban it, will face huge losses in the end, that is another good thing about cryptocurrency.

[Zentor]

Its just else one manipulation with bitcoin price. They already bored everyone with their games. Relax and stay calm.

[Blogosphere]

Is it really possible for Korea's govt to ban Bitcoin trading when Bitcoin cannot be regulated? How does this work, IP blocking known Bitcoin trading platforms from their end?

[KingScorpio]

http://www.businessinsider.com/cryptocurrency-market-plunges-after-reported-crypto-exchange-raid-2018-1

The market for digital coins was under intense pressure Thursday morning amid reports that South Korea had a bill in the works to ban cryptocurrency trading.

"South Korea's justice minister said on Thursday the ministry is preparing a bill to ban cryptocurrency trading through its exchanges," Reuters reported.

That news was on the heels of a report that authorities were raiding cryptocurrency exchanges in the country.

“A few officials from the National Tax Service raided our office this week,” an representative of Coinone, a South Korean crypto exchange, told Reuters.

more at the link...

not even the world bank or the UN is capable to ban cryptocurrencies, without embarrassing themselves, or without showing vulnerability, this is a good and a bad thing

regards

[cryptoux]

Well this is just alarming South Korea is getting more like China,it will give a negative impact to the whole community of cryptocurrencies because most of the big players are in korea and china.

[cryptobobo]

This very sad news to hear,ive been thinking what will happen if all the countries declined cryptocurrencies in the future,will BTC survive? thats a billion dollar question that im sure every one of us wants to know the answer.

[Opurum]

This very sad news to hear,ive been thinking what will happen if all the countries declined cryptocurrencies in the future,will BTC survive? thats a billion dollar question that im sure every one of us wants to know the answer.

I think this thread's title has been overtaken by events. S. Korea is no longer going on with plans to ban cryptocurrency following a statement to that effect by the authorities in seoul.

[jan.nicolas]

Yes ... they have already tried to block that many times, then generally remove this bitcoin and all that can be connected with it, but to our happiness, our Bitcoin is already in the minds of people, so I think nothing will change if they do, yes he certainly will fall, because many will want to go out, get scared, but we will stay, true enthusiasts