Will South Korea become the World Bitcoin Special Zone?

[sell100]

Gov’t of South Korea is Endorsing Crypto and Blockchain Like No Other Region

South Korea is leading an example of being the world’s most hospitable regions for crypto and blockchain entrepreneurs. The world’s eleventh-largest economy has committed a $100 million fund to develop its capital Seoul as a center of blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, revealed that...

https://www.trackcoinmarket.com/en/crypto-news/32399/govt-south-korea-endorsing-crypto-blockchain-region

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[Marcel555]

It's heart warming seeing a lot of countries waking up to the potential in cryptocurrency and it's numerous applications.
Even the Middle East is becoming a crypto hub. And a couple other nations would rival South Korea to that spot.

[bitvalak]

Gov’t of South Korea is Endorsing Crypto and Blockchain Like No Other Region

South Korea is leading an example of being the world’s most hospitable regions for crypto and blockchain entrepreneurs. The world’s eleventh-largest economy has committed a $100 million fund to develop its capital Seoul as a center of blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, revealed that...

https://www.trackcoinmarket.com/en/crypto-news/32399/govt-south-korea-endorsing-crypto-blockchain-region

Actually this is not new because Asian countries, especially China, Japan and Korea, are very open with technological advances. Moreover, they see this cryptocurrency as the best alternative for future economic system changes, just as they create robots to help their work. And in fact the prosperity of the country is very good because it is able to adapt to the progress of the times.

[jimskiy]

Maybe it will be happen for south korea become the world bitcoin special zone, after Chinese banned for using bitcoin transaction now Korea is most popular country have allowed for using bitcoin as payment.

[giantrobot]

Korea is a developed country with many modern infrastructure. I'm not too surprised when Korea does this. This will be a great thing for the Korean economy and this will be a great influence on other countries, creating their confidence in Bitcoin.

[jseverson]

I can't seem to get your link to work. Maybe this is a better reference?

https://www.newsbtc.com/2018/10/09/govt-of-south-korea-is-endorsing-crypto-and-blockchain-like-no-other-region/

This is crazy to me because of how much South Korea was linked to FUD just a few months ago. We'll see, I suppose. It still depends on the fine print on regulation. Crypto companies will gladly set up camp if they're truly friendly, given their market.

[GavenJack]

Maybe it will be happen for south korea become the world bitcoin special zone, after Chinese banned for using bitcoin transaction now Korea is most popular country have allowed for using bitcoin as payment.

Such a decision is quite risky, since the use of Blockchain can be disastrous for the traditional economy of South Korea! And what will happen in the event of a global rejection of the use of this system?

[Bonnie113]

The Korean government has introduced a number of legal frameworks for the Bitcoin industry. Although the Korean Bitcoin industry is not fully regulated, the government officially legalizes Bitcoin service providers to support payments, transfers, and purchases. This leads to the block Trading volume of South Korea's Bitcoin exchange market may reach exponential growth. Not only Korea, but countries are also gradually changing the thinking and legal of electronic money, this is a bright future for the electronics industry.

[avikz]

Gov’t of South Korea is Endorsing Crypto and Blockchain Like No Other Region

South Korea is leading an example of being the world’s most hospitable regions for crypto and blockchain entrepreneurs. The world’s eleventh-largest economy has committed a $100 million fund to develop its capital Seoul as a center of blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, revealed that...

https://www.trackcoinmarket.com/en/crypto-news/32399/govt-south-korea-endorsing-crypto-blockchain-region

Actually this is not new because Asian countries, especially China, Japan and Korea, are very open with technological advances. Moreover, they see this cryptocurrency as the best alternative for future economic system changes, just as they create robots to help their work. And in fact the prosperity of the country is very good because it is able to adapt to the progress of the times.

I will sincerely exclude China from the list you have mentioned. Any crypto enthusiasts know that China is not at all open to embrace cryptocurrencies within their economy. China is the first country to ban ICO (even though I support that), but later they kept on cracking the crypto market within their country. They imposed tariffs on the electricity for crypto mining firms. They are not at all crypto friendly.

However, I will agree with the other two as Japan is the first country in the world to legalize crypto currency and distributed licenses to open crypto exchanges on their soil. Now South Korea is following the footsteps of Japan.

[Pursuer]

unless we see some real actions from countries, the first assumptions after reading this types of news is that they are nonsense clickbaits and nothing more. specially when they are published initially by the known bullshit-news-sites.

but to answer your question, to be fair other countries such as Japan have already made the move. and there are many "silicon valley" kind of places in some countries that are "bitcoin special zone" already.

[dothebeats]

There's Japan for that, though it seems that South Korea is already progressing much faster than Switzerland and Japan. It would be great if there's a boom for many brick-and-mortar shops to accept bitcoin but apparently it's only investment funds and the likes that are progressing in SoKor, but not much in real-world utility such as physical stores, goods, services etc.

[Red-Apple]

we are still in early stages of adoption and we are all considered The Early Adopters. so it is very possible for any country to become the pioneer in this field. others are correct that we already have Japan but what i am trying to say is that it is not too late to catch up because it is still early days.
but every year that passes, those countries that started earlier will be that much bigger in this field than those that start later on. advances in technology will never wait for you to catch up!

[tomahawk9]

Like some people have already said, I think Japan will become the place to embrace cryptos on a major scale first. South korea still has a alot of issues like exchanges getting hacked here and there, and exit scams and whatnot still around in their ecosystem.

Though, it's true that those type of news haven't really stopped the cryptocurrency growth in that country, I'd say they're still one step below Japan. Still, Asia might become the it zone for crypto enthusiasts.

[oppasong]

Korea became the second country after Japan received Crypto, so of course this will greatly affect the development of Crypto in Korea and it is possible that all transactions in Korea will use bitcoin because bitcoin has become popular in that country.

[zhanyiguai261315]

will not!
South Korea's neighbor Japan is a SAR that encrypts money. Japan's development of cryptocurrency has already taken the lead in the world and is far ahead!
Japan has always been open to cryptocurrencies. For now, Japan is still one of the largest markets for global bitcoin transactions!

[Cryptomania843]

Asian countries are much advanced than other countries in the world of cryptocurrencies. They work hard and are always ahead of the game in Bitcoin. In Europe, America and Africa governments are slowing down the evolution of cryptos.

[anitaraymonds]

The government of  South Korea understand that the global economy is moving towards the cryptocurrency and blockchain which is the wonder of the is century. South Korea will continue to prosper economically because the government is proactive and follow what ever that will grow the countries economy. Embracing  and investing in blockchain will give the country ample place in the cryptosapce and keep them at vantage more than the other countries that are still sitting on the fence.

[target]

Each country I think should have a region like blockchain hub, my country also have such plan but its on the making yet. I think if we have such then there will be an area where the conferences for the regulations shall take place. Its kinda like of a sillycoin valley for blockchain developers. I think it will be possible in the future that we can invest into a project over the counter.

[YuginKadoya]

I really think this is a good sign for ICO's that are advertising to South Korea or ICO that are originated in South Korea that this country is really taking an aim in regulating Cryptocurrency, I really think a test zone for given ICO's will be a good start in dealing with scammers now that they know that a country will be open to the idea of it, But right now they are holding numerous meetings and seminars to revise and enact related laws because their country is prohibiting all types of ICOs right now,

Let's just wait for further news about what's going to happen with this kind of proposal and if other countries can learn from it and try to copy the same move South Korea had done.

[Hivalley]

It's without doubt great news for the campaign of mass adoption for this system and even more so heart warming considering the fact that China's decision to ban cryptocurrency activities isn't stopping it's movement in the Asian part of the world,considering the huge authority they wield in that part of the world...

 Korea is a country with a wonderfully stable economy and fast growing human resources,definitely this is a sign of better things to come for this network,this will be a big boost not only to the mass adoption of cryptocurrency but also to Korea's impeccable economy

[Malam90]

South Korea is the leading example of the world for crypto world and is the heaven of the present crypto after banned Chaina. South Korea shows the world how to be habituated with cryptocurrencies.

[samuraijin]

Not 1 or 2 from Asian countries who want to open transactions through bitcoin, even in parts of the world there are many landmarks that give access to bitcoin to grow there, and recently Indonesia has cooperated with Japan to develop bitcoin in Indonesia, so we just wait bitcoin in the years to come, it is possible that all countries will accept the existence of bitcoin ...

[gilangIDR]

Gov’t of South Korea is Endorsing Crypto and Blockchain Like No Other Region

South Korea is leading an example of being the world’s most hospitable regions for crypto and blockchain entrepreneurs. The world’s eleventh-largest economy has committed a $100 million fund to develop its capital Seoul as a center of blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, revealed that...

https://www.trackcoinmarket.com/en/crypto-news/32399/govt-south-korea-endorsing-crypto-blockchain-region

I feel jealous of people who live in South Korea. I must admit that Bitcoin is very developed in South Korea. This is because the government fully supports the implementation of crypto in the financial system in the country. This is very different from most other countries, there are still many countries that are still not open. But I am sure that if this can be developed much better, more countries will be able to accept and apply crypto systems in their countries.

[Kprawn]

Honestly, my money is on Japan.  

Remember, Blockchain technology is not necccesarily Bitcoin, so these guys might be creating the next competition for Bitcoin

and they might ditch Bitcoin for this technology. Japan already shown that it accepts Bitcoin as a currency, so we know they

will support it.  

In August the South Korean government has announced a new set of tax law amendments. Under this proposal, bitcoin

exchanges will no longer be eligible for income and corporate tax deductions currently enjoyed by small and medium-sized

businesses. The regulators have also been considering imposing capital gains tax on the sale of cryptocurrencies.  

Source : https://news.bitcoin.com/

[pitiflin]

I will sincerely exclude China from the list you have mentioned. Any crypto enthusiasts know that China is not at all open to embrace cryptocurrencies within their economy. China is the first country to ban ICO (even though I support that), but later they kept on cracking the crypto market within their country. They imposed tariffs on the electricity for crypto mining firms. They are not at all crypto friendly.

However, I will agree with the other two as Japan is the first country in the world to legalize crypto currency and distributed licenses to open crypto exchanges on their soil. Now South Korea is following the footsteps of Japan.

China is dying(not really but still). I don't know what South Korea is trying to prove,like another user said, they were involved in FUD and bullshit, and now spending a 100 million $ on blockchain development is shady at the very least.

South Korea definitely won't become the World Bitcoin Special Zone, Japan has more chances for it, if the World Bitcoin Special Zone is even a thing. Honestly this doesn't even matter,right now.

[fanji]

Gov’t of South Korea is Endorsing Crypto and Blockchain Like No Other Region

South Korea is leading an example of being the world’s most hospitable regions for crypto and blockchain entrepreneurs. The world’s eleventh-largest economy has committed a $100 million fund to develop its capital Seoul as a center of blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, revealed that...

https://www.trackcoinmarket.com/en/crypto-news/32399/govt-south-korea-endorsing-crypto-blockchain-region

South Korea's country is not the only paradise for Crypto entrepreneurs , you can see In Singapore, cryptocurrency exchanges and trading are legal, and the city-state has taken a friendlier position on the issue than regional neighbors. Although cryptocurrencies are not considered a legal tender, Singapore’s tax authority treats Bitcoins as ‘goods’ and so applies Goods and Services Tax (Singapore’s version of Value Added Tax).

[mintomia199]

I think it is a wise decision from  South Korea. This kind of news will effect in crypto currency price. I believe in future many country get motivation on how to habituate crypto in their countries.

[Rana590]

It is absolutely a great news for bitcoin. Also it is a good sign for bitcoin. Day by day most of the country are using bitcoin as legally. Hopefully within few years every country will accept it.

[Ucy]

Such World's Bitcoin/Crypto Zone (whether it exists in real or virtual world) should be well decentralized Zone. None exists yet as far as I can tell.
The current model of building decentralized Cryptocurency on Nations with leaders or central leadership is not a good thing for Cryptocurency.

[project_delta]

Gov’t of South Korea is Endorsing Crypto and Blockchain Like No Other Region

South Korea is leading an example of being the world’s most hospitable regions for crypto and blockchain entrepreneurs. The world’s eleventh-largest economy has committed a $100 million fund to develop its capital Seoul as a center of blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, revealed that...

https://www.trackcoinmarket.com/en/crypto-news/32399/govt-south-korea-endorsing-crypto-blockchain-region

This is all good but they need strict regulations to avoid frauds.And I have read the news that they are moving in that direction.I have seen the south Korean being tech savvy and I guess they are on the top for crypto related or blockchain related startups.If only everyone moves in that direction!

[karman383]

First I want to say that I was happy with the news of this fresh breeze. Cryptocurrency should be a change for the economic system for the future. I give applause to South Korea, this will make opportunities for South Korea more than just a very developed country.
Thank you very much..

[labenea]

this had previously happened in Japan, but they had difficulties in implementing business globally. Then South Korea emerged with government renewal and enthusiasm for bitcoin. they open themselves to evolving crypto innovations, even though they haven't yet legalized it, but it seems they want to be at the forefront of the balance of crypto volumes in the Asian region.

Japan has legalized bitcoin but is still busy with domestic concentration, while China is still baffling even though btc miners and large volume markets are in their countries, they have difficulty regulating comfortable regulations. South Korea wants to cover both more elegantly and in a more congruent manner.

[BitcoinHodler]

South Korea should get in line!
there are already a couple of other countries that are so much bigger than them in cryptocurrency front and there are even more  countries that are trying to get there and become bigger but they have already started the journey not like them trying to still make up their mind about what to do next.

[dablatair]

Hello,

Even with difficult start due to blockage by government, Korean people are fan of new technologies and crypto. I really think that they could grow very quickly towards the opposite means crypto country. they will probably be at the top of these countries for example with malta.

[bitfocus]

Possible, very much possible as South Korea's government is very enthusiastic about Blockchain and Crypto.