What happen if South Korea ban bitcoin trading?

[ShadyMash]

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

[yoyolife121]

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

i guess will just have to wait and watch..

[00DKM@]

This is in line with China's policy in 2017 when it banned the bitcoin business in China. I think that the big Korean commercial sites will move their headquarters to other countries to operate, those that have legal support for bitcoin and crypto business such as Japan, Hong Kong, Singapore. I was quite surprised by the decision of the Korean government, which has made the world crypto market plunge in recent days.

[btcmayumana]

As i heard when they ban all crypto currencies, they will shutdown all the exchanges at same time. This is surely bad news for Korean investor and bitcoin holder as they will need to move out their asset to foreign exchanges. The competition will be tight, numbers of exchanges will began to decrease. Supply will overstock and demand will less, caused price will falling.

[mworld12]

As i heard when they ban all crypto currencies, they will shutdown all the exchanges at same time. This is surely bad news for Korean investor and bitcoin holder as they will need to move out their asset to foreign exchanges. The competition will be tight, numbers of exchanges will began to decrease. Supply will overstock and demand will less, caused price will falling.

yup you are right

[Shinza]

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

That means the market is shrinking, but that will not affect much. A big market like China, when it was banned, has not had much impact on other markets. It's just that people are scared to sell their btc for a discount but then everything is fine.

[Estreal]

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

I did heard about this news yesterday and that this has contributed immensely to the fall in price of Bitcoin. Well, this are just speculations and it will affect the market definitely. But it is just for a while and it  will pass. Same as it happened when China pulled out of the market for a time. Bitcoin price dipped and surprisingly, some weeks later it picked up in a voracious way. The South Korea is a major market that will pull some strings on the market price of bitcoin but not for long.

[joeyvdt]

I think a big/small dip. After that the crypto market will slowly recover.. but that's my guess

[CryptoBitCoins]

In my opinion, if South Korea yet prohibits crypto-currencies and closes all its crypto exchanges, then other states in the Asian region may resort to similar actions. This in turn, leads to a massive decrease in the price of the crypto-currency and an active sale of the crypto-currency on the exchanges.

[Sunnyyy]

I do not think so . If it is banned in Korea it greatly affects the development of bitcoin. I am sure many Korean investors will sell all of the bitcoin they have and the value of bitcoin will be drastically reduced.

[nsasuiteb]

All altcoins decrease with bitcoin and this crash lasts for a while then market start to recover. But this is obvious fud, they don't ban anything because it is not a solution at all. In the long term, ban, regulations cannot change the market's direction.

[DragonCoinZ]

Fomo for a week. Bitcoin price would crash like 25%. After that all the miners from south korea will move their mining farms to a country around and start on a other place their mining and the price of bitcoin would rise again and maybe the network is more overloaded after that.

[darkangel11]

As i heard when they ban all crypto currencies, they will shutdown all the exchanges at same time. This is surely bad news for Korean investor and bitcoin holder as they will need to move out their asset to foreign exchanges. The competition will be tight, numbers of exchanges will began to decrease. Supply will overstock and demand will less, caused price will falling.

None of this will happen, stop spreading FUD. There are no confirmed news about the government trying to ban BTC. You guys are telling each other the same thing, although none of you can give a reason for this or show how he came out with this idea of a ban. Most of you probably read the BBC story that lied about the police raiding exchanges in Korea. There was no such thing!

[DroidR17A]

It's highly unlikely. The South Korean Justice Minister got ahead of himself. The Finance Minister doesn't agree with a ban, and wants regulation. Check the reports on CCN and you'll get the full picture.

[Nhebu]

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

I think they banned some cryptocurrency because they prefer only to use bitcoin. I've seen an article that bitcoin in South Korea has high value. Well I think that other cryptocurrency will affects the price of the bitcoin in their country. The great demand for other cryptocurrency will reflect to the price of bitcoin.

[Albert211994]

You are already seeing the effect of it. The price has already been dropping ever since the rumor came out. More drastic drop will happen if it comes true. But nothing to worry, bitcoin and crypto in general will bounce back.

[darkangel11]

Fomo for a week. Bitcoin price would crash like 25%. After that all the miners from south korea will move their mining farms to a country around and start on a other place their mining and the price of bitcoin would rise again and maybe the network is more overloaded after that.

And what's happened in China?
Chinese miners are moving to Canada and Europe and are being welcomed with open arms. China will lose money on this but it's their choice. They won't take the offer so somebody else will.
There won't be an overload caused by a ban in Korea, even if they eventually ban it in a year or 2. Koreans aren't running a mining powerhouse as opposed to the Chinese and if China hasn't banned mining yet I doubt that Korea will. The effect of a ban would be Korea losing money on it, Koreans moving exchanges and money abroad, miners moving their farms, that's it.

[monsanto]

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

Even if they were going to ban it, it would take a long time to happen. This is because first government officials would threaten to shut them down over and over, then back off. The South Korean government officials will issue each of these threats right after they take short positions across multiple exchanges. Once they think they have crashed the markets the maximum amount, they will close their short positions and rebuy to go long. They will then explain that they aren't banning crypto afterall, just strengthening KYC/AML laws. Wash, rince, and repeat, just like China.

[vicemi]

Кypc биткoинa yпaл дo 13 тыc. дoллapoв пocлe cooбщeний o пoдгoтoвкe Южнoй Кopeeй зaкoнoпpoeктa o пoлнoм зaпpeтe тopгoвли кpиптoвaлютaми, cвидeтeльcтвyют дaнныe тopгoв.

Кaк cooбщaeт Report co ccылкoй нa PИA Hoвocти, миниcтp юcтиции Южнoй Кopeи Пaк Caн Ги зaявил, чтo влacти cтpaны oбecпoкoeны чpeзмepным pocтoм кpиптoвaлютныx cпeкyляций и гoтoвят зaкoнoпpoeкт, пoдpaзyмeвaющий зaпpeт тopгoвли цифpoвoй вaлютoй. Oтмeчaeтcя, чтo Южнaя Кopeя являeтcя oдним из кpyпнeйшиx pынкoв тopгoвли биткoинoм и Ethereum.

Eng
The bitcoine rate fell to 13 thousand dollars after reports of South Korea's preparation of a draft law on a complete ban on trade in crypto-currencies, according to the bidding data.

According to the report with reference to RIA Novosti, South Korea's Justice Minister Pak San Guy said that the country's authorities are worried about the excessive growth of crypto-currency speculation and are preparing a bill implying a ban on trading in digital currency. It is noted that South Korea is one of the largest markets for trade in bitcoin and Ethereum.

I'm not sure I agree to this.
Probably because I have no idea what it says...

[filharvey]

There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.

Definitely,it would have some effect on bitcoin's price but temporarily.Just when China banned ico and shut down the bitcoin e
exchanges,bitcoin price fell a little,but soon recovered.