[BREAKING NEWS] Good News: South Koreans To Resume Crypto Trading In 7 Days

[vladimir21]

Finally btc price will raise again


https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/

[imapessimist]

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

[btcwish1]

But BTC price is still falling like free fall!  its going to below $10k soon 

[Arngrim]

If this will really happen then I guess my patience is worth it.
I am now at the brink of selling all my coins on the losing side.
I think 20 percent of my investment will be lost.
But if South Korea can pull this up again then I will be waiting for more time, maybe to at least lessen the loss.

[cipher-x_09]

We will what happens first if this news is true then there are two possibilities that can happen, one of that is that the positive side if there were really many investors or user of bitcoin in South Korea then we can expect a huge boost of demand of bitcoin in the cryptocurrency market, and another thing that can happen which is the negative side is that there could be no price change because the number of bitcoin investors or user in South Korea is really not that great which can eventually affect the price of the bitcoin in the market.

[Rinsend]

this is our chance to start buying some bitcoins.
and may be able to reap considerable benefits over a period of several days,
and after south korea come in we can get profit there from the price increase,
this is good news for me

[penig]

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

Maybe you invest in regulated assets instead?

This is certainly good news and each change like this is usually followed in spirit by other major nations, if they dont already cover the same area.  Next China authorizing mining under license?

[LogitechMouse]

Maybe this is true or its not. Whatever happens, lets just wait if bitcoin will increase in the next 7 days because of this news. Aside from the bitcoin futures, this news make the price of bitcoin fall like a leaf that falls on the tree but we can't do anything about it. This news will increase the price of bitcoin a bit I think.

[alyssa85]

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

They're not "dictators". They are elected representatives and just want to make sure there arn't any scams unfolding.

Here are the official South Korean Government Guidelines for Cryptocurrency by the Finance Committee: (hat tip reddit)

1 - There will be no exchange ban.

2 - Exchanges will be diligently regulated. Already an exchange was found to have mixed up customer's accounts with the exchange's business account and the CEO's personal account.

3 - Government will make sure all exchanges pay correct taxes.

4 - Individual taxes will be researched.

5 - Everyone can only invest with real identification. No foreigners and the underage will be allowed to trade/invest.

6 - Deposit or withdrawals of more than Daily $10,000, Weekly $20,000 will automatically reported. If it seems like there is suspicious activity, you might be asked how you earned that money during the deposit, or what trades you did to earn that amount.

7 - These guidelines are not to encourage investing in cryptocurrency but to warn the public in the dangers of speculation.

8 - Government also admitted that there is no difference between blockchain technology and cryptocurrency

[malikusama]

I don't think so the price will rise because of this, they are going to impose restrictions on cryptos , which would be the worst idea ever. The market will no longer going to be the same as it was before, the purpose of cryptos will die if they will begin to treat it as fiat.

[FrueGreads]

Finally btc price will raise again


https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/

Finally some good news, and yes this should make the price recover a bit again. Even will all the bad news bitcoin has been holding the $10k level which is good. I do think this measure is quite abusive, and as usual governments are using the money laundry excuse to keep a tight control over it's citizens finances. They only want to make sure they can charge taxes over bitcoin trading, but this is definitely better than a ban.

[babyshaun]

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

I agree with your comment dude. korea will reopen their crypto currencies but it will have a 24% tax fee to be accepted but no korean can do. The only pain here might be the overseas country of the dictator of korea. Let's just imagine how much the government can earn on it so it's fairly unfair that the crypto users will be able to get the tax.

[winterland]

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

Then you may like to use decentralized exchanges, they are not nearly as popular as centralized exchanges but as this kind of pressure keeps building up and more regulations are put in place more people will begin to make the switch in order to avoid those controls, that is why some of the coins that will have the biggest growth in the next 5 years are decentralized exchanges.

[jseverson]

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

They're not "dictators". They are elected representatives and just want to make sure there arn't any scams unfolding.

Here are the official South Korean Government Guidelines for Cryptocurrency by the Finance Committee: (hat tip reddit)

1 - There will be no exchange ban.

2 - Exchanges will be diligently regulated. Already an exchange was found to have mixed up customer's accounts with the exchange's business account and the CEO's personal account.

3 - Government will make sure all exchanges pay correct taxes.

4 - Individual taxes will be researched.

5 - Everyone can only invest with real identification. No foreigners and the underage will be allowed to trade/invest.

6 - Deposit or withdrawals of more than Daily $10,000, Weekly $20,000 will automatically reported. If it seems like there is suspicious activity, you might be asked how you earned that money during the deposit, or what trades you did to earn that amount.

7 - These guidelines are not to encourage investing in cryptocurrency but to warn the public in the dangers of speculation.

8 - Government also admitted that there is no difference between blockchain technology and cryptocurrency

The bolded part is just baffling. It makes me question governments' level of understanding of the blockchain technology and cryptocurrencies in general. Should we really trust these guys to craft legislation when their knowledge of the subject is rather questionable? I mean, we don't really have a choice, but it's still frustrating.

Other than that, it's standard KYC stuff so it's fair. The period of uncertainty is over, if nothing else, so I hope we can get out of this funk as soon as possible. The problem with news like these is that everything is sensationalized and facts get twisted.

[pooya87]

oh this guy again...

you were saying bitcoin will collapse the day before this topic and then you started this topic about 24 hours saying it will rise again. what happened did you buy what you wanted to buy and think making dumb topics like this will push the price in the direction you want? LOL.

[yoseph]

I don't think I want my investments to be at the mercy of some dictator making laws in Korea.  Next week it might be a different story from some other country that decides to ban Bitcoin.

Well that's what the bitcoin market and almost all the other investment market is like, when there is bad news from one of the major players, it is bound to cause a ripple effect which affects the price either negatively or positively. But this is indeed good news for every investor.

[gambitcoin53]

this is our chance to start buying some bitcoins.
and may be able to reap considerable benefits over a period of several days,
and after south korea come in we can get profit there from the price increase,
this is good news for me

yes more demand means more profit, i think other country should follow south korea, if this is true, then we who are patiently waiting for the moment for bitcoin to regain its momentum will benefit from this news, this is a good news indeed. let us all wait for this event to manifest in graph/ markets. for those who are having some thoughts of bitcoin being stable, this is your opportunity to regain your loss.

[glaciercapital]

this is our chance to start buying some bitcoins.
and may be able to reap considerable benefits over a period of several days,
and after south korea come in we can get profit there from the price increase,
this is good news for me

yes more demand means more profit, i think other country should follow south korea, if this is true, then we who are patiently waiting for the moment for bitcoin to regain its momentum will benefit from this news, this is a good news indeed. let us all wait for this event to manifest in graph/ markets. for those who are having some thoughts of bitcoin being stable, this is your opportunity to regain your loss.

The south Korean's have shown that it is possible to stand up to governments who try to outlaw crypto! I think the west needs to follow their example when the time comes

[Taqi Ahmad]

Finally btc price will raise again


https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/

Praise to God the news that South Koreans resume although it's only in 7, above all the news is good for us as people always play in bitcoin system. I think this is mark that cryptocurrency such as bitcoin and altcoin will raise anymore, because I always believe againts both of them

[fiulpro]

I hope that news is 110% legitimately correct because if that's so then I won't mind buying Bitcoins at this cost .. Because Korean market can easily make it jump digits .
It's amazing if it's true maybe China can learn a thing or two from them and decide to do the same .

Also you know it was being discussed in the panel of the government about banning Bitcoins in India but guess what ?
They are gonna pass a law that will make Bitcoins taxable...! If they are recoginizing it as something through which one can earn I don't think that they are gonna ban it