South Korea trading ban

[hugeblack]

“There are great concerns regarding virtual currencies and [the] justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.[1]
News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.[2]

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.[3]

Do you think the price will lose more?



Source of news : https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling

[JanpriX]

This news will clearly push the price down more as people will digest the impact and content of that article. Specifically, people who are new to crypto will most likely sell (already sold) their BTC after reading this article. The veteran ones will just likely shrug this off as they experienced this same kind of "FUD" in the past in a more greater scale. I think, South Korea will not ban it but they will put a very strict rule/regulation regarding tax payment for crypto trades. Well, I'm just hodling my BTC stack and will not budge because of this issue.

[SheepSuit]

Remember what happened after we had similar reports from China earlier.

I have also read that this is only related to certain exchanges.

[YuginKadoya]

Even though there are turmoil in South Korea right now and the nation’s police and tax authorities raided local exchanges on alleged tax evasion, As policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year, I had to admit right now that bitcoin had stopped its course of growth because of this and the gaining popularity for other cheaper coins lets just wait on what's gonna happen.

[joujourdain]

If South Korea ban BTC trading, we will have the same effect as the "china will ban btc trading" : a big drop (panic selling + FUD) then a big raise of the price, because BTC price is not driven by south korea.

  keep hodling and forget your btc stash for a while

[thecodebear]

It seems right now that this is not true. Seems that the clarification coming out after a single person in government said they will ban cryptos is that they are just going after exchanges that aren't compliant with their rules. Basically South Korea is making crypto trading highly regulated and are cracking down on those who don't follow their laws, not in any way banning cryptos.

[aardvark15]

“There are great concerns regarding virtual currencies and [the] justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.[1]
News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.[2]

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.[3]
Do you think the price will lose more?



Source of news : https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling

I’m hearing that this is just being proposed by in person in the South Korean government and will not likely happen. But if I had coins on a South Korean exchange, I would consider taking those funds out. I think Binance is in Hong Kong so it should be ok. I don’t think these governments realize the impact to regular people that banning cryptocurrencies would have.

[Torque]

[alyssa85]

It looks like this whole panic is down to tax authorities visiting Bithumb (Korean exchange) and asking to audit them. See

https://www.reddit.com/r/BitcoinMarkets/comments/7pkr8i/bithumb_raided/

It also looks like the Korean govt will be enforcing regulation rather than doing an outright ban.

[Daveeoff]

After the CHINA FUD dip the price shoot up and the market cap doubled or tripled, I learned my lesson - bought more BTC!

[Happy Miner]

I read the refutation of this news. It turned out that this is not true and panic is premature. South Korea did not prohibit bitcoin.

[TheQuin]

It looks like the Korean government is now arguing among themselves about the ban. It was a proposal from the Ministry of Justice but the Ministry of Finance said:

"We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban."

Source : https://twitter.com/iamjosephyoung/status/951363185784705025

[Denker]

I read the refutation of this news. It turned out that this is not true and panic is premature. South Korea did not prohibit bitcoin.

And I doubt that this could happen in the future.
The whole crypto space will be so big in the future, a tech savvy country like South Korea will definitely try to have a lead position in that new economy.

[Slow death]

they are consistently making negative comments about bitcoin, things like "ban bitcoin"; "bitcoin is used to commit crimes" have been very frequent to hear from South Korea in recent weeks, they have created a task force, they have invaded the exchange and all this events happened in less than a month... this is one more case that people should be prepared and forget the South Korean market just like China. Nothing good for bitcoin can come from South Korea if things continue as they are

I read the refutation of this news. It turned out that this is not true and panic is premature. South Korea did not prohibit bitcoin.

And I doubt that this could happen in the future.
The whole crypto space will be so big in the future, a tech savvy country like South Korea will definitely try to have a lead position in that new economy.

they are very close to ban bitcoin and I do not see them changing their position so early

[sgenuine]

The ban of one country will not become an obstacle to the development of bitcoin and other crypto-currencies. Only after the release of this news, many will sell their coins in a panic and slightly reduce the price of bitcoin.

[cindygirl]

“There are great concerns regarding virtual currencies and [the] justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.[1]
News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.[2]

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.[3]
Do you think the price will lose more?



Source of news : https://www.theguardian.com/technology/2018/jan/11/bitcoin-drops-value-south-korea-trading-ban-cryptocurrencies-tax-gambling

If we get some more clarity and it is a definitive ban on crypto then that would push the price down some more but I feel not much more, while a major player in the market, the market can survive without South Korea if it comes to that. My understanding in fact is they're banning unregulated trading which makes sense.

[Viscera]

I saw that news new Users are in panic they should educate themselves bitcoin is good at all, governments should punish this employee who created this FUD https://news.bitcoin.com/no-mainstream-media-that-country-did-not-ban-bitcoin-again/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

[aso118]

I read the refutation of this news. It turned out that this is not true and panic is premature. South Korea did not prohibit bitcoin.

And I doubt that this could happen in the future.
The whole crypto space will be so big in the future, a tech savvy country like South Korea will definitely try to have a lead position in that new economy.

It definitely could happen in the future. It doesn't matter whether the country is big or small, tech-savvy or not, they can act against Bitcoin if they feel threatened. China has banned bitcoin exchanges while Venezuela  is cracking down all miners and users. If bitcoin becomes too big, there is no reason why South Korea shouldn't act.

[Silberman]

This news will clearly push the price down more as people will digest the impact and content of that article. Specifically, people who are new to crypto will most likely sell (already sold) their BTC after reading this article. The veteran ones will just likely shrug this off as they experienced this same kind of "FUD" in the past in a more greater scale. I think, South Korea will not ban it but they will put a very strict rule/regulation regarding tax payment for crypto trades. Well, I'm just hodling my BTC stack and will not budge because of this issue.

This is just an opportunity to make more money with bitcoin, the price will go down but after this the people that are now unable to trade at South Korea will move their money to other countries and exchanges, and then we will see a pump, this is nothing new, people making a fortune in crypto are not going to be stopped by something as small as this and true holders do not care at all about these news as well.

[949miner]

Remember what happened after we had similar reports from China earlier.
I have also read that this is only related to certain exchanges.

Yeah, it all was a giant fud that made people sell their cryptos like crazy, and that is exactly what is happening on the market right now.

No offense, but i am not believing in this kind of FUDS anymore, it has already been clarified by the government if i am not wrong

And a lot of people who are from Korea have already said that trading/mining/exchanges were not going to be shutted down, so stop creating this kind of non-sense threads.