South Korea & China's Central Bank

[Joyjit]

South Korea & China, two of the most important name in the crypto world. South Korea wants to discuss Cryptocurrency regulations with China's Central Bank. What do you think the outcome is going to be ?

[avikz]

South Korea and China are not friends, so I doubt they are going to talk with each other on crypto currency and possible outcome from it. From where did you get this news? Do you have any link for this news? It's true that both countries are major contributors of crypto market, but these countries are different in terms of administration. While China has already banned ICO and cracking down the mining operations, South Korea is still thinking about their next move. So if they try to get insights from China, they will obviously get negative insight. They should consider talking to Japan to see the sunny side of the story. But if you can share any link with detailed news, that would be helpful.

[Joyjit]

I have got this news from news.bitcoin.com but I can not seem to find the link to it. However, I think you are right. Any insight from China is going to be negative. If any progress occurs regarding this all of us are sure to receive press releases from everywhere. 

[CryptoBry]

I have got this news from news.bitcoin.com but I can not seem to find the link to it. However, I think you are right. Any insight from China is going to be negative. If any progress occurs regarding this all of us are sure to receive press releases from everywhere. 

I hope that South Korea will not be talking to China about cryptocurrency as we know that China had already decided against the use of non-state sponsored cryptocurrency within the country. South Korea should focus on how to improve the regulations that can be imposed on this new market...though the FUDs continued to be running wide i think it can already be said the government has no intention to fully ban cryptocurrency but is in fact strengthening the KYC process that all exchanges and related entities should follow -- this is quite expected and I think everyone should follow.

[Shrinath]

The South Korean Minister of Strategy and Finance has met with the governor of the People’s Bank of China to discuss and share economic policies including cryptocurrency countermeasures. While China has imposed strict regulations on cryptocurrency trading, including closing down domestic crypto exchanges, South Korea has adopted a less strict approach with successively releasing countermeasures for cryptocurrencies. However, closing down crypto exchanges has been avoided so far. At the National Assembly Planning and Finance Committee meeting on Wednesday, Kim pointed out that there may be a problem of underground transactions and foreign currency leakage if exchanges are closed. Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority. South Korea re-iterated that Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority.

[onebtcforlife]

The South Korean Minister of Strategy and Finance has met with the governor of the People’s Bank of China to discuss and share economic policies including cryptocurrency countermeasures. While China has imposed strict regulations on cryptocurrency trading, including closing down domestic crypto exchanges, South Korea has adopted a less strict approach with successively releasing countermeasures for cryptocurrencies. However, closing down crypto exchanges has been avoided so far. At the National Assembly Planning and Finance Committee meeting on Wednesday, Kim pointed out that there may be a problem of underground transactions and foreign currency leakage if exchanges are closed. Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority. South Korea re-iterated that Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority.

Yes, but already south Korea has issued some tax payment for the exchange after they discussed about it in their Parliament. I don't think so they will never Chian central bank because already China is not showing any interest towards cryptocurrency trading.

[abdulq]

The South Korean Minister of Strategy and Finance has met with the governor of the People’s Bank of China to discuss and share economic policies including cryptocurrency countermeasures. While China has imposed strict regulations on cryptocurrency trading, including closing down domestic crypto exchanges, South Korea has adopted a less strict approach with successively releasing countermeasures for cryptocurrencies. However, closing down crypto exchanges has been avoided so far. At the National Assembly Planning and Finance Committee meeting on Wednesday, Kim pointed out that there may be a problem of underground transactions and foreign currency leakage if exchanges are closed. Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority. South Korea re-iterated that Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority.

Yes, but already south Korea has issued some tax payment for the exchange after they discussed about it in their Parliament. I don't think so they will never Chian central bank because already China is not showing any interest towards cryptocurrency trading.

Yes south korea is now charging taxes on transaction being done at exchanges based in their countries. Bithub charged tax by Govt on its last year earning.

[xankor]

They creating new updates for the cryptocurrency

[Kemarit]

I have got this news from news.bitcoin.com but I can not seem to find the link to it. However, I think you are right. Any insight from China is going to be negative. If any progress occurs regarding this all of us are sure to receive press releases from everywhere. 

I think its better if you provided us the link so that we can read and comment on it.

The South Korean Minister of Strategy and Finance has met with the governor of the People’s Bank of China to discuss and share economic policies including cryptocurrency countermeasures. While China has imposed strict regulations on cryptocurrency trading, including closing down domestic crypto exchanges, South Korea has adopted a less strict approach with successively releasing countermeasures for cryptocurrencies. However, closing down crypto exchanges has been avoided so far. At the National Assembly Planning and Finance Committee meeting on Wednesday, Kim pointed out that there may be a problem of underground transactions and foreign currency leakage if exchanges are closed. Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority. South Korea re-iterated that Cryptocurrency exchanges are not financial entities in Korea; they fall under the e-commerce law. In contrast, Kim noted that, in Japan, they are managed by registration with the country’s financial authority.

And other main difference: South Korean government heeds and listens to their constituents as opposed to
China wherein they have total control and people cannot freely expressed their opinions. As you can recall theirs a petition from the South Korean not to ban crypto and anything crypto related, and immediately the Finance Minister suddenly changed their tone and said that they have no intention to ban or suppress crypto currency.

https://www.ethnews.com/south-korea-responds-to-cryptocurrency-petition

Let's see how it goes but I believed that they will not put a hammer ban, however, they will implement a tighter regulations like sharing information with their local banks.

[lynttrs]

South Korea & China, two of the most important name in the crypto world. South Korea wants to discuss Cryptocurrency regulations with China's Central Bank. What do you think the outcome is going to be ?

South Korea is one of the countries with most interest in cryptocurrency. It could be because of their advancement in technology. But recently there are also some news that the goverment are implementing some restrictions. And the same with China's government.

[dnuzominic]

nice info

[audaciousbeing]

South Korea & China, two of the most important name in the crypto world. South Korea wants to discuss Cryptocurrency regulations with China's Central Bank. What do you think the outcome is going to be ?

Wow this is good news if crypto can unite two sworn enemies then we can be hopeful that same might happen soon between Indian and Pakistan or North and South Korea and most importantly United States and Russia and crypto would achieve what all of committees, sanctions, agreements and treaties couldn't solve for decades within a decade. Because of that alone, crypto deserves a Nobel Peace Prize.

But we all know that won't happen, even allies hold back when it comes to sharing intelligence as simple as patents but coming together to discuss cryto would mean opening up on each financial backbone infrastructures which is never going to happen. I won't lose sleep over this at all.

[marielbeckham]

Sounds quite exciting even at this phase. I have to take a closer look and then will write my verdict.

[jaocoincrypto18]

South Korea & China, two of the most important name in the crypto world. South Korea wants to discuss Cryptocurrency regulations with China's Central Bank. What do you think the outcome is going to be ?

So they are allied now in talking of Crypto currencies investments. I just wonder that instead of Japan which is their allied in democracy and most expert in crypto currencies but they negotiate with China. Maybe China was most respected in talking of banning and regulating crypto but i just heard that their president is now supporting the blockchain that link to crypto in which for me is a turning point of event that maybe there is hidden agenda in which they will benefit most.

[Kemarit]

South Korea & China, two of the most important name in the crypto world. South Korea wants to discuss Cryptocurrency regulations with China's Central Bank. What do you think the outcome is going to be ?

So they are allied now in talking of Crypto currencies investments. I just wonder that instead of Japan which is their allied in democracy and most expert in crypto currencies but they negotiate with China. Maybe China was most respected in talking of banning and regulating crypto but i just heard that their president is now supporting the blockchain that link to crypto in which for me is a turning point of event that maybe there is hidden agenda in which they will benefit most.

The only logical reason I can think of is that China used to be the number 1 in terms of bitcoin and crypto supporter. But they suddenly changed their tune and make a U-turn. And they probably want to understand if its better to just adopt regulations and see what China does. Japan is different though, they have adopted it so there's nothing to be that South Korean's can learn from them. And the probably cross referencing everything on how to really curb out those scammers and regulated crypto trading and local exchanges.

[jreg91]

South Korea & China, two of the most important name in the crypto world. South Korea wants to discuss Cryptocurrency regulations with China's Central Bank. What do you think the outcome is going to be ?

The South Korean Minister of Strategy and Finance has met with the governor of the People’s Bank of China to discuss and share economic policies including cryptocurrency countermeasures. While China has imposed strict regulations on cryptocurrency trading, including closing down exchanges, South Korea has adopted a less strict approach.

[Bitcoin Fiction]

South Korea & China, two of the most important name in the crypto world. South Korea wants to discuss Cryptocurrency regulations with China's Central Bank. What do you think the outcome is going to be ?

The South Korean Minister of Strategy and Finance has met with the governor of the People’s Bank of China to discuss and share economic policies including cryptocurrency countermeasures. While China has imposed strict regulations on cryptocurrency trading, including closing down exchanges, South Korea has adopted a less strict approach.

A very good start, I think such a meeting will contribute to the cooperation of these two countries in the crypto-currency sphere. But I would not discount Japan as the most developed country in terms of crypto currencyю