Why South Korea made this big step about banning Bitcoin?

[Naitik]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

[mobnepal]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

- No they haven't said there will be complete ban of bitcoin trading, finance minister have just said it is still "live option".
- Its bloodbath because of newbie traders being panic from the news.
- South Korea will be irrelevant like china in future.
- Some country might follow this but they can't ban p2p trading so ban on bitcoin trading will not make much difference

[Juggy777]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

I'm sure it's not a ban, there's lot of media outlets that are trying to malign the image of Bitcoin. Korea has lot of people who're taking different stands. I have read there is a petition also signed by lakhs of people calling it a bad move. I feel it's a disastrous move by Korea, their entire economy might just crash, If the exchanges decided not to refund the people, I hope they make proper regulations soon.

[removebeforeflight]

South Korea haven't banned bitcoin, finance minister have informed in radio that Bitcoin banning is under review. It would take some time to implement such a ban if they really want to do so. However, they could only stop transaction related to bitcoin but cannot ban as a whole cryptocurrency. If they want to ban bitcoin, they need to ban internet first, I don't think both are possible. Each country has their own concept about bitcoin and one country wouldn't follow other country to ban bitcoin.

[maeusi]

No Korea had protests, they never expected. They announced, that they will not ban Bitcoin. I guess, they fear the next elections.
But an indirect way through financial institutes is coming up to avoid citizens trading with cryptos. They don't allow buying cryptos.

[irmasany]

i'm not sure what happened in south korea country. but this impact feels so much like when china forbids crypto and bitcoin. yes, I think there are a lot of dramas being played. I'm sure bitcoin will return to normal.

[Falgorn]

In early 2018, it was known that South Korea intends to pass a law prohibiting the circulation of crypto-currency on its exchanges.
Over the past 24 hours, the courses of all major crypto-currencies have collapsed. So, the cost of bitcoin decreased by 15%, the etherium - by 21%, the ripple - by 28%, the technological branch of the most popular electronic "coin" - Bitcoin Cash - collapsed by 22.5%. The main culprit of the "black cryptorector" market experts believe investors who decided to withdraw their "coins" in real money.

[altcointalk14]

i'm not sure what happened in south korea country. but this impact feels so much like when china forbids crypto and bitcoin. yes, I think there are a lot of dramas being played. I'm sure bitcoin will return to normal.

This week, several of Seoul's cryptographic exchanges have been subject to government scrutiny for alleged tax evasion.

[mxyzptlkof6th]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

It is true that many countries are against cryptocurrencies but there are also many countries which are in favor of it. So what if they try to centralize the cryptocurrency world? Time will come if that happens, another genius or group of geniuses will only invent an even better type of coin that is like bitcoin.

[brontosaurus]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

Check the news again it was merely a rumor they have cleared after that they have no upcoming plans to ban cryptocurrencies in near future. so all the speculations regarding it has just ended. Its not because of this news that BTC has fallen so much its just because of some recent correction that the whole market is red.

[gjtnwls1]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

South Korean government is not going to ban bitcoin, alt coins or exchange sites. but they will keep it as an option if it is necessary.
They will watching all suspicious activities and set regulations to stop those activities, but also they will develop blockchain technology.

[Neaudd]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

they only stop exchange sites because they fell users use bitcoin in illegal things.
bitcoin trading is so risky so that central bank do this things

[Searing]

Their highly educated youth are really, really big on bitcoin and crypto

BUT

they have a 30% unemployment rate...and the a lot are univ/college students

thus an over reaction to 'save them' from the 'evils of bitcoin'

the gov't says if they act on crypto they are blamed if they don't act on crypto they will be blamed

so decided nanny state, was the best way to play it ..due to the youth of most involved...

or how I have read their justifications they have touted about ..south korean gov't that is

[tr3yson]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

Who said that or where did you get that news? As far as I know, there's no bitcoin or crypto banning happening in Korea right now, it was the exchange's platform that is temporarily banned. Korean government wants to regulate them and operate and run by the law just like what USA did for Coinbase. For sure other countries will look into this move and maybe follow. This bloodbath we are experiencing right now is caused by some weak hands which are mostly new to crypto. They tend to commit panic selling after hearing a lot of FUDS like this.

[Searing]

As the south Korean government made a big announcement about banning Bitcoin and other crypto,
All the market is down.How and why South korea do so,
What will be the next stage of bitcoin in future.
After watching this can other countries think the same thing to do so?
If so what will the future of crypto???

Who said that or where did you get that news? As far as I know, there's no bitcoin or crypto banning happening in Korea right now, it was the exchange's platform that is temporarily banned. Korean government wants to regulate them and operate and run by the law just like what USA did for Coinbase. For sure other countries will look into this move and maybe follow. This bloodbath we are experiencing right now is caused by some weak hands which are mostly new to crypto. They tend to commit panic selling after hearing a lot of FUDS like this.

the google I've read ...FUD wise ..is exchanges are now again likely to be banned ..thus the FUD

also China FUD is that they will ban all use by China folk to use any exchanges in or out of the country to use crypto

sure it is FUD

but  you have hype up you also have hype driving stuff down

again, from the past, it usually takes 2 weeks for such a coordinated (imho) FUD to burn itself out and MOSTLY

it has been overblown and the price bounces back

but people need to pay tax man (me) thus gonna be an over correction in my view anyway due to above FUD

hopefully, it is just dip and a rebounce

but could not have come at a worst time in USA as we get info on our crypto biz fate with IRS and taxes due

ugh!

[staker$]

Looks like we have similar incident that occurred last year when China announces their crackdown on ICO and bitcoin trading. I would expect the same outcome to the crypto world as before with this Korean banning thing. Market price plummets but then what's next? It will surely recover, and may even gets another all time high.

[fattyforhire]

It seems to me that this is not due to bitcoin, but to the country's policy. As far as I know, Korea is quite a closed country from the rest of the world. And for sure she wants to maintain her autonomy in the future, and bitcoin presupposes broad international use.

[celinenguyen]

Korean investors have a special interest in Bitcoin. The boom of virtual money last year was attended by the name of the country.

Unfortunately, that enthusiasm has worried the Korean government. Government officials, including the prime minister of Korea, have repeatedly expressed concern over the psychology of virtual money.

[Searing]

Looks like we have similar incident that occurred last year when China announces their crackdown on ICO and bitcoin trading. I would expect the same outcome to the crypto world as before with this Korean banning thing. Market price plummets but then what's next? It will surely recover, and may even gets another all time high.

the current china fud is besides getting rid of bitcoin miners in china (which hell, may cause crypto to go up, as

mining would be more decentralized)

they are saying now (for fud anyway) a ban on ALL folk in China using any crypto exchange IN or OUT of the country


hopefully, it is all FUD, but past FUD in this manner, in mass, usually takes a couple weeks to pass

but still, how I see this.....as a bad FUD combo (or hell coordinated?) thus the crypto dumps

[phucngungoc]

Korea is always an independent country. They are not dependent on foreigners. has its own defense missile system. have their own social network. So it is understandable that they are forbidden