Why South Korea made this big step about banning Bitcoin?

[alyssa85]

According to the following thread:

https://www.reddit.com/r/BitcoinMarkets/comments/7pls2r/megathread_korean_bans_crypto_episode_3/

The South Koreans might introduce a bill to ban bitcoin:

http://www.koreaherald.com/view.php?ud=20180111000658

“Due to the great concerns over virtual currencies, the ministry is working on a bill to fundamentally ban virtual currency transactions through operators,” Justice Minister Park said Thursday during his New Year’s conference with the press.

“The government has constantly been warning about the dangers (of virtual currency deals) but the message is not getting across.”

Whether it goes through or not is another matter, it depends on how hard the exchanges and Korean bitcoiners lobby against it.

[Davidbugs2]

What are they upto I dont understand, but It certainly affected my portfolio pricing severely.

[SanjeewaCrypto]

It can be called as "Harakiri", because they have created their own downfall by banning crypto-currencies.

[olubams]

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???

There has been quite an amount of media coverage on this matter about the ban of bitcoin but unfortunately the price has reacted to it which witnessed the largest amount of downturn in recent times but eventually its going to recover to the amazement to the amount of people who might have thought otherwise. The only people I see here having some challenges are the workable projects running their ICOs at the moment they will see huge amount of low actualization at the moment.

[william8829]

Governments exist to rule the people.  They need the money of there citizens and anyone else that does business in there country to accomplish this.  They found out they are not getting there money from these exchanges.

For example 40% of Ethereum trade happens on Korean exchanges.  That is billions of dollars a day, the taxes related to this trading is poorly regulated.  They are loosing money.  Losing money equals losing power.  What Government would allow that?

Do you actually think Bittrex and Poloniex will still be in business in a few years.  Wait till the US does their raids.  Dollars to donuts there are ongoing investigations for all major exchanges in the developed world.

Bitcoins worth is not its USD equivalent value.  Its value is estimated in the use of its technology.  Peer to peer electric cash not peer to centralized exchange.

If you want that power.  Hold your private keys. Run a full node.