South Korea Authority implements real-name trading system for crytocurrencies

[chanpinchen]

Can anyone enlighten me on it's implications as to the price movement of crytocurrencies especially the ETH and BTC  .

[liangweicha]

In my opinion, the short term may cause the price to fall.
But in the long run it is a good thing, which means that ETH and BTC are legal in Korea.

[leea-1334]

Short term yes, people will fear. But the very general population of speculators and traders already know they do not want to hide, they are comfortable with KYC and AML. It is just the scammers, small time crooks and what nots who will stay away. So let them. I have my identities open to sell my crypto, I wish I did not have to, but I have nothing to hide. It is a big inconvenience and a big invasion of my privacy, but I do not worry too much. So guys, please quickly make the move to decentralized exchanges.

[cheezcarls]

Actually, I am happy with the news that South Korea is banning anonymous trading and requires them to trade with real names. The price dip is just temporary because they are in the process of removing anonymous accounts and let them register again with real names.

In the long run, it's all gonna be worth it. It's way better than banning all of them from cryptocurrency trading and ICOs once and for all. South Korea is a crazy crypto trading country, so I think it's all good that real names are necessary to minimize fraudulent activities and so forth.

It's okay guys, just #HODL for the long term.

[IRISlingk]

I think it is good news that regulating the cryptocurrency market is even more conducive to the development of the cryptocurrency world, so that cryptocurrencies can be officially released without any unnamed platforms.

[chanpinchen]

Thank you for your valued opinions, and they answered lots of my questions , now I can continue to hold my positions .

[virtualhero]

Can anyone enlighten me on it's implications as to the price movement of crytocurrencies especially the ETH and BTC  .

If you remember the even last year about China decision of trying to ban Bitcoin, there is a panic that happened but it didn't affect it so much because bitcoin price and demand is not relying on a single country. They may ban it anytime they like but there will always be the one who will accept it. It is their lost if they ban cryptocurrency because  they will lose the advantage in technology and financial matter.

[bitcoinvestor]

Can anyone enlighten me on it's implications as to the price movement of crytocurrencies especially the ETH and BTC  .

That is a good idea. Trading crypto means not to be anonymous. I think Our wallet is anonimous that make some govt affraid. Do we use crypto to make a govt fear? I don't think so. I think everyone need legal activities. That's a good idea instead of banning exchange like China. it is stupid action to ban exchange because the Chinese crypto users still can trade in Hongkong.

[Targusluxe]

This is a good step to reduce the criminality (money laundering for example) associated with bitcoin. We can not deny the fact that bitcoin can be used to illegal activities and their identity is hidden with their pseudonym. So when they implement this law they can reduce or actually remove the illegal activities in their country.

[macchiato]

With a trading system using real names, the person's security may be at risk. His transactions can be viewed publicly and that is something that we all want to avoid. We don't want to show the whole world how much you are earning because who knows? Unexpected things happen. That person's safety may be at risk because he might be robbed or something. That is my only concern about this new trading system in Korea.

[skelethon]

With a trading system using real names, the person's security may be at risk. His transactions can be viewed publicly and that is something that we all want to avoid. We don't want to show the whole world how much you are earning because who knows? Unexpected things happen. That person's safety may be at risk because he might be robbed or something. That is my only concern about this new trading system in Korea.

Yeah this sounds concerning to me. One of the big things crypto has it going is being anonymous. Real names would go completely against this.