Bitcoin ban in South Korea | Bitcointalksearch.org

BitcoinCommodor

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Quote from: judaspriest on October 02, 2017, 10:20:45 AM

Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

correct. but no significant impacts occur, I see the development of a conducive market and tend to be stable.

Little bit of effects will be surcharged but no major dump will occur because bitcoin has proved that it is regardless to any region and no region can take it down and what Korea did they will suffer in future and all this will take them back to stone age and they must have to accept it because of its developments and benefits.

Sylenth

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neither of countries have banned bitcoin,but what they actually banned was initial coin offering knows as ICO, china step had a huge impact on bitcoin but impact due to south korea market barely took notice,but after impact done by china too,bitcoin is again taking a leap in good manner.

all of these are done because south korea fears that cryptocurrency represents a non-productive method of financial speculation. This is a common theme among governments as they approach market regulation. Cryptocurrency is easily conflated with fiat money, but it’s anonymous, which makes it very difficult to tax.

so no need to panic, created just to create a mess in bitcoin holders mind,bitcoin is still operational.

PancherBitCoin

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Quote from: kanayaTabitha on October 02, 2017, 11:31:34 PM

Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

I think that's not true news. because there is no certainty and there is no news spread. if indeed there is news please give me the information where you see. no hoax

recently there is a lot of untruthful information and I would not trust the first word I got. The fact is that with world smoking and so it's not all that simple, And then the Chinese government decided to make a problem for users of crypto currency. But nevertheless, everything is practically deprived and forbidden, for example, in China, no one will be anything. Although there will be some executions.

kanayaTabitha

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Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

I think that's not true news. because there is no certainty and there is no news spread. if indeed there is news please give me the information where you see. no hoax

emberbekas

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Quote from: Haesoo on October 02, 2017, 09:36:52 PM

Quote from: crazyphoenix on October 02, 2017, 07:02:29 PM

Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

China and South Korea are not banning bitcoin, at they just don't want to regulate it in order not to be used in money laundering activities and prevent scam ICO's.

Correct. Bitcoin and ICO are not directly connected to each other. These countries just wanna be safe and prevent frauds to happen in their country. Yes China uses also that opportunity to create fuds so they can buy in cheap price while South Korea is just being quiet about this. Maybe they don't want to others go panic so the price won't get affected. And we're now experiencing a rise in the first day of this month and hope it just continue to bounce back again.

When a country banned ICO's then there will be a rumor that bitcoin will be banned too in that country. Imo...news like this could be spread by people who want to take advantage of the bitcoin holders' panic. Their hope when there is panic then the price will go down and that's when the news spreaders will start buying bitcoin at a cheaper price.

romecheo

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it was often, misnomers Bitcoin as ICO, perhaps, when people hear about crypto currencies, the first thing come to their mind was Bitcoin.

I haven't see any problem on banning the ICO, both China and South Korea are wanted to regulate the ICO, and it was a good thing.

r1nd3m1r4

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Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

South Korea has decided to ban the practice of an initial coin offering (ICO) or a Bitcoin prime offer. Prohibition is done because the practice is feared as a speculative investment that will have a negative impact.
www.kompas.com
the state of bitcoin will get worse if more and more countries are banning ICO bitcoin

Haesoo

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Quote from: crazyphoenix on October 02, 2017, 07:02:29 PM

Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

China and South Korea are not banning bitcoin, at they just don't want to regulate it in order not to be used in money laundering activities and prevent scam ICO's.

Correct. Bitcoin and ICO are not directly connected to each other. These countries just wanna be safe and prevent frauds to happen in their country. Yes China uses also that opportunity to create fuds so they can buy in cheap price while South Korea is just being quiet about this. Maybe they don't want to others go panic so the price won't get affected. And we're now experiencing a rise in the first day of this month and hope it just continue to bounce back again.

maulana rifai

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Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

it is yesterday the Chinese state forbids bitcoin and I do not know korea country also wants to ban bitcoin, if true maybe all this will affect the price of bitcoin down again.

error08

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Quote from: AT101ET on September 30, 2017, 06:29:19 PM

South Korea did not ban Bitcoin. They recently however decided to ban ICOs. This doesn't come as much of a surprise seeing that ICOs are unregulated but in truth aren't really different to IPOs. Plenty of new coins were being developed overnight and trying to maximise on the profits they could raise from ICOs so in truth it was probably a smart move.

Obviously, here the news about Korean ban Initial Coin Offering (ICO) : https://news.bitcoin.com/south-korea-bans-initial-coin-offerings/
South Korea’s Financial Services Commission has announced that all initial coin offerings (ICOs) will be banned in the country.
All kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.
Just like China regulators have did before, banned all ICO due to unregulated and uncontrolled crowd funding will lead to great loss for investors.
But, it's doesn't mean they ban Bitcoin, two different things because ICO is presale of altcoins or tokens.
What people should know is bitcoin is growing rapidly in South Korea, some news about it : https://news.bitcoin.com/south-korea-takes-steps-to-regulate-digital-currencies/ - https://news.bitcoin.com/south-korea-prepares-bill-to-provide-legal-framework-for-cryptocurrencies/
And look at Bithumb (Korean exchanges) trading volume $228,390,760 ; https://coinmarketcap.com/exchanges/volume/24-hour/ Big 3 after Bitfinex and Bittrex

loopes

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Quote from: senne on September 30, 2017, 06:30:52 PM

There is a big difference between shutting down of ICO and ban on Bitcoin. Everyone is going crazy after the news came from South Korea that that they will shut down the ICO, but most of the people think that then Bitcoin is also put to ban in the two countries. Neither China nor South Korea has ban the use of Bitcoin is it just shutting down of ICO

you've got right point. most people who don't understand will think Korea banning bitcoin instead of ICO activities.
South Korea's financial regulator has prohibited domestic companies and startups from participating in any ICOs (initial coin offerings) so bitcoin didn't prohibit at now

Jose Mourinho

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Quote from: crazyphoenix on October 02, 2017, 07:02:29 PM

Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

China and South Korea are not banning bitcoin, at they just don't want to regulate it in order not to be used in money laundering activities and prevent scam ICO's.

Yes, they are not banned completely, china and south korea are banned bitcoin for regular tax-related transactions, china and south korea say bitcoin is a commodity that is free to use.

DoublerHunter

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Quote from: crazyphoenix on October 02, 2017, 07:02:29 PM

Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

China and South Korea are not banning bitcoin, at they just don't want to regulate it in order not to be used in money laundering activities and prevent scam ICO's.

That is right, that is why they are banning the ICO in china because they know that ICO may become a source of scam projects and cases in their country since the cryptocurrencies are decentralized so the government can't do anything if there will be a scam ICO so they are trying to regulate it as soon as possible so the crimes and scams will be avoided.

crazyphoenix

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Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

China and South Korea are not banning bitcoin, they just want to regulate it in order not to be used in money laundering activities and prevent scam ICO's.

jpoker272727

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Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

South Korea is known for new technology and banning bitcoin can be the stupidest move ever!
This is false advertising!

BitcoinMuscle

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Quote from: Rabby637 on September 30, 2017, 06:24:57 PM

I have recently heard that after China Now South Korea Ban Bitcoin too...is that truth???
If banned then What's the future of BTC now?

South Korea or any other country cant ban bitcoin. It is impossible since they dont have any control to bitcoin.
Bitcoin is stored in thousands of wallets online and offline, how can they ban it and even if they would do that it is very hard to discover if someone use bitcoin in your country. It would be a waste of time for nothing. Anyway people will use bitcoin even if it is banned in usa or china

Zero.X

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I think's quite a shame for China and S.Korea to not have joined in on the ICO game.

There were huge opportunities for both these countries to become major players in the ICO community, but I won't be surprised when they decide to change their minds a few years later. But hey, I guess Japan will have to take the lead for now.

pginvest

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Yes, I think from what i understand here its ICO and particularly scam ICO's in addition to hacking from North Korea are the problem for the South Koreans. Its not a ban or Bitcoin. I think many of the asian countries are actually strongly in favour of BTC.

OrangeSeller

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yes, after china, North korea has banned ICOs. however both allow exchange fro coin to coin.
Guys Don't you worry!!!
On the other hand japan has officially recognized bitcoin as legal currency, Australia followed suit.
Russian market is as well appreciating bitcoin warmly.
Bitcoin will reamin high valued digital currency upcoming year and year after.

iram1011

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Quote from: olubams on October 02, 2017, 11:08:53 AM

South Korea has not banned bitcoin the release I read is about the banning of ICOs and the regulation of exchange sites other than that, nothing else is in the pipeline. Howe'er, only a super power like China in bitcoin should talk about banning bitcoin and we should be worried. By getting worried of South Korea notification will start giving the authorities over there that they also have some level of control over the .market in which they could equally exploit.

I don't think China is going to ban Bitcoin. It is just exchange and ICO ban. Regarding being worried, I don't think we should give China enough importance to have any impact on the market as Bitcoin is global currency and can very survive without China. Market is already over it. I think the exchange ban is closely related to China's release of national cryptocurrency which will be the only way to convert fiat to cryptocurrencies instead of exchanges to give government control over inflow and outflow of money. This is all what Chinese government want to achieve.

Topic: Bitcoin ban in South Korea (Read 1651 times)