South Korea trading ban

[Mark Promo]

The South Korean authorities have already stated that they do not have the authority to close the crypto exchanges. And what will it give? Moved these exchanges to another country, still people will trade on them.

[btcrut2017]

“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 think the proposed ban on cryptocurrency exchange on South Korea has nothing to do with the recent dip of bitcoin price in the market. It may simply be that the supply is high and demand is low.

[sopromat]

You all need to understand that those were fake fud news, and a lot of people are still not aware of this situation.  I have a lot friends of mine who have sold all their bitcoins because they thought that it was the end of bitcoin because of those "news".

[Tyrantt]

There will be no ban on crypto in SK, even not in the near future if actually considered. My last post on this subject:

After a quick google, third link on the first page and it says that SK will not enforce a ban on crypto. They're also stating that there has been a debate and that actual ban on crypto won't be in the near future. Also in the last paragraph:

Quote
In the statement, the government also claimed that it will support and also it will finance activities such as blockchain technology development.

Don't know where people got the idea and spreading it without, possibly, any research. So nothing to worry about.

Also if someone's interested or is for some reason expecting a ban, forbes has put out an article on why the potential ban on crypto in SK won't affect the market here.

https://www.emchat.net/emchat/2018/1/16/south-koreas-government-confirms-again-that-there-will-be-no-cryptocurrency-ban

So those were just "maybe" propositions and I don't even know where people got that from, the whole SK crypto ban, no need to worry about that at all.

[Anait]

At least from now onwards anymore bans similar to the one happened weeks back should not happen. Because bitcoin at present is a transition from one level to another. By this time these news will surely have some impact upon the growth of bitcoin and the relative platforms.

[Tapyaks72]

You all need to understand that those were fake fud news, and a lot of people are still not aware of this situation.  I have a lot friends of mine who have sold all their bitcoins because they thought that it was the end of bitcoin because of those "news".

I believe that south Korea is not a authoritarian government like north Korea that the government is detected only with one person that anything he says is already a law, banning bitcoin in a democratic country would undergone many process because it will into a law that would underwent many debate in legislation, because banning Bitcoin this far would create chaos can you imagine how much percentage of their citizen are investing Bitcoin.and even it would create economic turmoil. so for BTC patrons don't just believe for an article that there is no proof or just simple fake news. because Bitcoin is not just 
ordinary network it is a huge network it is not a joke.

[jinksters09]

For sure a lot of people newbies and especially those who have a particularly little knowledge of bitcoin will have doubts in their mind of investing in bitcoin because as far as standings and influence in our world today South Korea is one of the popularly developed country especially on Asia so this should probably affect the market of bitcoin.

[djpitagora]

I honestly think because of this regulations that is coming on different countries coins that had a main feature of anonymity  will boom and be one of the best cryptocoin that people is going to use. This will be my main in investing coin on the future.

it's a double edged sword. If the EU or US decide that will accept cryptocurrencies with the condition that they can be traced when necessary (and I expect them to say this) all those really anonymous coins will mostly die off get used in the darkest of the darkest places of the web, and exchanged only in decentralized marketplaces like bisq.

And if you think they can't ban something, think again. The next time a high profile case of kidnapping/human trafficking/terrorist act happens they will create a public outrage, rush to put it in the law and stick the national security act in front of everybody opposing them, and all of this with you grandmothers approval. When they stick a 1 year plus prison sentence on trading anonymous coins that support "insert very tragic stuff here" you will most certainly stop that UNLESS whatever you are hiding carries a larger sentence.

[JC btc]

For sure a lot of people newbies and especially those who have a particularly little knowledge of bitcoin will have doubts in their mind of investing in bitcoin because as far as standings and influence in our world today South Korea is one of the popularly developed country especially on Asia so this should probably affect the market of bitcoin.

Korea in one of the country that influence bitcoin, but still they are just one of the country that are using bitcoin, we should never about that anyway as in the first place a lot of country still using and regulating bitcoin, but for the correction, Korea did not ban bitcoin as their government would just want to regulate and make cryptocurrency in the right path and legal in terms of exchange platform.

[Rrtt]

“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 think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

[TutorShow]

I think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

Not only South Korea but China also planning to  regulate cryptocurrency exchanges or ask for more taxes.
this will lead more to start regulating bitcoin or try to ban mining.
China has some plans to create them cryptocurrency so they will ban it, study more about it and print them central coin
i read SK will accept trading again soon. SK will be biggest bitcoin market and them trading exchange have biggest liquidity.

[ajochems]

I think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

Not only South Korea but China also planning to  regulate cryptocurrency exchanges or ask for more taxes.
this will lead more to start regulating bitcoin or try to ban mining.
i read SK will accept trading again soon.

Now bitcoin is slightly banned in South Korea. Only the trading of bitcoin is banned in South Korea. Additionally it was not fully banned ,the government should get an approval for the ban of bitcoin. Nearly 30-40% of trading is made in South Korea, this is one of the reasons for the price fall in few days.

[usekevin]

I think the government of South Korea want to regulate cryptocurrency exchanges and not totally ban. There are news article that they are planning to tax exchanges.

Not only South Korea but China also planning to  regulate cryptocurrency exchanges or ask for more taxes.
this will lead more to start regulating bitcoin or try to ban mining.
i read SK will accept trading again soon.

Now bitcoin is slightly banned in South Korea. Only the trading of bitcoin is banned in South Korea. Additionally it was not fully banned ,the government should get an approval for the ban of bitcoin. Nearly 30-40% of trading is made in South Korea, this is one of the reasons for the price fall in few days.

I strongly agree with you. Now the bitcoin trading is start to ban in SK,but it was not officially announced. The government of SK should get the approval of ban issue about Cryptocurrency. Out of 100,nearly 5 percentage of bitcoin trading is made on South Korea with respect to the world percentage.

[tee-rex]

“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

China, Indonesia, and South Korea has all came out with new negatives for bitcoin, and a lot of people are worried about the future of bitcoin in those countries. The truth is do you really think that these regulations are going to have such a grave impact on bitcoin at all? At worst, it'll shut down all exchanges, but not a single country will be able to shut down bitcoin itself.

Obviously this news has had a big impact on price, and as a result price has essentially plumetted. Though i believe that people are overreacting to this series of news at the moment, and a wave of buyers will buy up the cheap bitcoins soon.

Yep, the impact is arguably a negative one, but what should we have expected really? These exchanges are an abomination to the decentralized world of crypto. The sooner we get rid of them the better. The governments have found crypto's weakspot, its Achilles heel, and now they will stick into it with full force until it dies in agony. Full-fledged decentralized exchanges have now become a vital necessity, a must-have, without which crypto may not be able to survive.

[Edraket31]

Yep, the impact is arguably a negative one, but what should we have expected really? These exchanges are an abomination to the decentralized world of crypto. The sooner we get rid of them the better. The governments have found crypto's weakspot, its Achilles heel, and now they will stick into it with full force until it dies in agony. Full-fledged decentralized exchanges have now become a vital necessity, a must-have, without which crypto may not be able to survive.

Based on the number of investors that come up South Korea have a greater influence rather than China, so they have something that affects the current value of bitcoin now due to an argument that still exists in their country, as to people their not totally ban they were just assuring that every people will pay taxes properly when they have profit that comes from cryptocurrency.

[DPoS2]

You all need to understand that those were fake fud news, and a lot of people are still not aware of this situation.  I have a lot friends of mine who have sold all their bitcoins because they thought that it was the end of bitcoin because of those "news".

did your 'friends' sell them all to you?   

[gorodi]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses.

This is false mate, when are you going to understand that? You have more than one page in here full of posts saying that it is false and it was a huge FUD in order to make the price drop.
Why are you so blind that you can not even read that?

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

[Barbut]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses.

This is false mate, when are you going to understand that? You have more than one page in here full of posts saying that it is false and it was a huge FUD in order to make the price drop.
Why are you so blind that you can not even read that?

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

Many people here is totally wrong informed, and some of them are just repeating without even reading few pages, then just spam around to be paid, you noticed that good. There are too many blind people around, too many!
In the end South Korea didn't ban trading, like China didn't ban bitcoin, many fud is around and who wants to be informed should do more then just a bit then reading few lines here and there.

[Gobeller]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses.

This is false mate, when are you going to understand that? You have more than one page in here full of posts saying that it is false and it was a huge FUD in order to make the price drop.
Why are you so blind that you can not even read that?

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

They don't want to ban the trading, they want to ublish regulations to watch the market activity of their citizens. That's all in South Korea at the moment.

[sharted]

South Koreans who have been using bitcoin are really devastated by this news. This ban also affects the value of bitcoin taking it down plunge as low as 11k-12k but I hope that btc will bounce back and so we can recover from our losses.

This is false mate, when are you going to understand that? You have more than one page in here full of posts saying that it is false and it was a huge FUD in order to make the price drop.
Why are you so blind that you can not even read that?

South Korea did not finally ban trading. As I understand people dealing with crypto will be obliged now to pay taxes for it. Suppose SK traders will move to other countries.

They don't want to ban the trading, they want to ublish regulations to watch the market activity of their citizens. That's all in South Korea at the moment.

I was sure that bitcoin is legal in South Korea.Some fake news was spread among the people to reduce the price of bitcoin and to make the bitcoin away from their citizen who involved in Cryptocurrency.South Korea not at all officially said Bitcoin is illegal.