I heard a weird news, Korean government going to ban Crypto currency exchanges?

[anushkasachith888]

Hey I feel horrible about this news, Meanwhile Warren Buffet said BTC will come to a bad ending. hey you senior guys, What do you think about the current situation which appear for Crypto and BTC ?

I will published here the content of the article in the web. looks like I am not allowed to publish weblink here..

Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies
Bitcoin tumbled more than 12 percent following Park's remarks

South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.

That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.

According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.

"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.

Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.

Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.

Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.

The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.

Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.

That difference in price is called a "kimchi premium" by many traders.

In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.


Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.

The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.

The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.

Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent and KPM Tech was down 5.48 percent.

That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.

—CNBC's Chery Kang, Evelyn Cheng and Reuters contributed to this report.

[1715095911]

1715095911

[1715095911]

1715095911

[1715095911]

1715095911

[s2]

If it were banned it wouldn't be the first or last to try, most overturn or ignore a ban since its' unenforceable on criminals (which at this stage is the only reason why politicians entertain the idea of banning) yet it also heavily stifles any innovation happening in their country in a rapidly expanding new market.

Banning bitcoin is as absurd as banning all internet communications.  Back in the 90's banning the internet may have sounded feasible/sustainable but look at it now... the same is true for cryptos,  a ban would merely slow adoption in that country, not stop it.

[sabrikks]

from what i heard they are still discussing that option, and it's not the first or the last time a country try to ban crypto.
bitcoin and altcoins are designed to be out of goverments hands and that's what I like about it.

[anushkasachith888]

Oh sorry guys, I am the publisher of this post, I just got to know this is a fake news. I just got exited..I heard Whales spread such news in order to buy at dip with the help of  panic sellers.. 

[ylnar123]

Hey I feel horrible about this news, Meanwhile Warren Buffet said BTC will come to a bad ending. hey you senior guys, What do you think about current situation occurs regarding Crypto and BTC at the moment ?

I will published here the content of the article in the web. looks like I am not allowed to publish weblink here..

Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies
Bitcoin tumbled more than 12 percent following Park's remarks

South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.

That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.

According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.

"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.

Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 1:26 p.m. HK/SIN, the cryptocurrency price retraced some of its losses to trade at $13,547.7.

Park added that he couldn't disclose more specific details about proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.

Reuters further reported that a press official said the proposed ban on cryptocurrency trading was announced after "enough discussion" with other government agencies including the nation's finance ministry and financial regulators.

The news wire later added that once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months — or even years.

Cryptocurrency trading in South Korea is very speculative and similar to gambling. Major cryptocurrencies like bitcoin and ethereum are priced significantly higher in the country's exchanges than elsewhere in the world. For example, bitcoin traded at $17,169.65 per token at local exchange Bithumb, which was a 31 percent premium to the CoinDesk average price.

That difference in price is called a "kimchi premium" by many traders.

In fact, earlier this week, industry data provider CoinMarketCap tweeted that it would exclude some South Korean exchanges in price calculations due to the "extreme divergence in prices from the rest of the world" and for "limited arbitrage opportunity." The exchanges that were removed from the price calculation included Bithumb, Korbit and Coinone.


Last month, the South Korean Financial Services Commission said it was prohibiting cryptocurrency exchanges from issuing new trading accounts. If an exchange does allow new accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.

The commission added that, since much of the cryptocurrency trading was being done anonymously, users must use their real names.

The government also indicated it would closely monitor banks and would "swiftly" step in to limit fund flows into cryptocurrencies if necessary.

Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which has a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent and KPM Tech was down 5.48 percent.

That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.

—CNBC's Chery Kang, Evelyn Cheng and Reuters contributed to this report.

This is a big news for every bitcoin holders, failure to those who will panic sell their stock. Because in other interview on the minister they are just trying to regulate cryptocurrency and not totaly ban it.

[chiggz]

The news is not official yet. This has probably caused the major dip today and people are panic selling with the FUD taking over. Though the Korean government is trying to regulate the Crypto industry I doubt this is ever happen soon. Also in the worst case scenario in which they choose to close down exchanges, it'll take at least half a year for that bill to pass and come into effect. I would suggest people take advantage of this dip and panic buy. Such discounts come only twice or thrice in a year!

[newinbtc]

Korean government thinks that  bitcoin exchange such as coinone is doing a business of gambling. They want to apply Tax on each user who buy and sell Cryptocurrency. They also checked each user account by this reason.

Korean exchanges doing a trading at 30% margins as compare to international prices.CoinMarketCap removed prices from South Korean exchanges. That created confusion and triggered a broad selloff among investors.


South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.

“I have already cashed most of mine (virtual coins) as I was aware that something was coming up in a couple of days,” said Eoh Kyung-hoon, a 23-year old investor.

Its clear that they may declare Anything . But investigation is still under progress.

this is the time to hold the bitcoins not to sell off. once market is stable everything will be ok.

[Arwinkim]

I thought this one was the reason why btc fall because it turned out to be fake news. Any idea why btc fall then?

[tutorroma]

There are some misunderstandings about the news, and the reaction to the market has been a little over the last few days. I think the Korean government only controls the bitcoin, specifically the real name system of the bitcoin account and the control of the foreign exchange. I think such a specification is beneficial to the development of digital currency in Korea.

[Red-Apple]

this is funny because it was "China is going to ban bitcoin" all these years and then they finally closed down exchanges and the same month bitcoin went to $4000 and then followed it up by reaching higher and higher and finally the ~$20,000 ATH.

 and this time it is "Korea is going to ban bitcoin" and people are still panic selling their bitcoins into the pockets of the whales at the bottom to make them richer.

[Tongpinyhk]

Very excited to see how things turn out this year with a very good mix of very positive but also negative news. But overall I still think it is not about the price but the ever-growing adoption and creation of better blockchain technology that will serve the world well. Of course, prices may crash but if ever crypto becomes the next .com thing then inevitably prices will still go up at the end of the day

[Toucanoe]

Oh sorry guys, I am the publisher of this post, I just got to know this is a fake news. I just got exited..I heard Whales spread such news in order to buy at dip with the help of  panic sellers.. 

Lucky for you, you have realized that. Well, for those who have been here for a long time and totally knows the cryptoworld. This news wouldn't bother them much. As we can see, whales have been manipulating panic sellers through news outlet.

[vladbakshoo]

i think bitcoin and cryptocurrency is not matured enough . these ban hammers will continue and crypto will suffer temperately but eventually will be mature enough to resist any fud and will be immune at the point we can truly say decentralized currency is the future of new money

[mOgliE]

Hi,

Actually, if you read carefully, you realize that this decision is being discussed... Which does not mean that the ban will be adopted.

Indeed, this can seem worrying as you remind that South Korea has a special place regarding bitcoin and its community... Though, how can they do that?

If the direct exchange is banned, then people will just go through other currencies... Unless the government wishes to make exchanges from won to dollar and dollar to won illegal, they cannot prevent South Korean from using crypto-currencies. It will take longer and be more expensive but it may only slow the process, not end it.

At least this is what I think!

[stompix]

Oh sorry guys, I am the publisher of this post, I just got to know this is a fake news. I just got exited..I heard Whales spread such news in order to buy at dip with the help of  panic sellers..  

When you copy paste something add the source!!!!!!
https://www.cnbc.com/2018/01/10/south-korea-official-reportedly-readying-bill-to-ban-all-cryptocurrency-trading.html

this is funny because it was "China is going to ban bitcoin" all these years and then they finally closed down exchanges and the same month bitcoin went to $4000 and then followed it up by reaching higher and higher and finally the ~$20,000 ATH.
 and this time it is "Korea is going to ban bitcoin" and people are still panic selling their bitcoins into the pockets of the whales at the bottom to make them richer.

Korea could ban whatever they want.
I've always said that all the happiness of seeing the fake numbers of Okcoin and huobi was washed away because we ended up with bithumb.
And I'm willing to bet that if there is going to be an inquiry, it will turn out they've faked everything.

But I don't give a damn.
It's going to be just another proof that what it matters for BTC is the western world.
The rest are insignificant. Just how China turned out to be.

Well its a new market and i really don't understand the reason for the crackdown though the so called justice minister claim that cryptocurrencies are giving the government great concern but they haven't specifically said what the concern is about. But they are planning on banning exchanges but not the cryptocurrencies themselves.

Read the article!!!!!!

That news from the justice minister comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.

[joebrook]

i think bitcoin and cryptocurrency is not matured enough . these ban hammers will continue and crypto will suffer temperately but eventually will be mature enough to resist any fud and will be immune at the point we can truly say decentralized currency is the future of new money

Well its a new market and i really don't understand the reason for the crackdown though the so called justice minister claim that cryptocurrencies are giving the government great concern but they haven't specifically said what the concern is about. But they are planning on banning exchanges but not the cryptocurrencies themselves.

[Aamir1]

Another news that is going to cause a lot of people to dump their Bitcoins into exchanges and sell them off and help the price drop even more.
The governments have always been insecure from cryptocurrencies, specially Bitcoin, and such actions are expected for sure. The statement where they said that the people trading in exchanges should use their real names as a lot of anonymous trading is being done clearly proves that they want to know the people behind the money and have control over their economy which Bitcoin doesn't allow them to do, and as we always finish the things that are out of our control and somehow personally harmful for us, they are trying to do the same with Bitcoin.

[athanz88]

Well for me, until I heard an official news from south Korean government, I wouldn't care or believe in this kind of news.
News have a power to cause instability in a market, and bitcoin market too. It will cause a lot of chaos to the user and maybe most of them will do some panic selling, especially all the bitcoiners in the south korea, and in the news i have read that they interview korean bitcoiner and some already sold their bitcoin.
I hope south korea wont ban bitcoin. Because if this is just an act of manipulation, then there will be more big whales who catch the opportunity to seize a big amount of bitcoin.

[fargoway]

Anyway, the ban was announced only by the Ministry of Justice. Seems other Ministries position regarding this question differs from this statement.
Thus it is not likely that Korea will ban cryptocurrency exchange. However it seems that they are going to regulate it.

[QuestionAuthority]

No, it’s not fake news:

http://www.telegraph.co.uk/technology/2018/01/11/bitcoin-price-plummets-south-koreas-plan-ban-cryptocurrency/

http://fortune.com/2018/01/11/bitcoin-price-drop-south-korea-cryptocurrency-crackdown/

http://money.cnn.com/2018/01/11/technology/south-korea-bitcoin-ban-bill-minister/index.html

https://heisenbergreport.com/2018/01/11/carnage-in-cryptocurrencies-south-korea-exchange-raids-trading-ban-prove-governments-are-serious/

https://planetcryptocurrencies.com/2018/01/11/panic-selling-on-south-korean-exchange-raids/

https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002A

http://www.nasdaq.com/article/bitcoin-ethereum-prices-hit-after-south-korean-exchange-raids-cm903688