BREAKING NEWS: Bitcoin Legal in South Korea!

dongosquad

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Quote from: nicecrypto on March 05, 2020, 03:05:54 PM

Was it illegal before? I don't understand, I thought south Korea are one of the crypto friendly country with high rate of crypto supporters,
The good news keep pouring in now hey! Yesterday it was about the India government uplifting the ban on crypto, now south Korea with another positive news,
Let's hope all this positive news will support btc in a positive light.

Not illegal, it's just that there are no binding rules. Lately, it has become officially legal because the draft law related to Reporting and Use of Certain Financial Information in cryptocurrency has been approved by the South Korean government. Thus all people involved in cryptocurrency, such as developers, miners, traders, etc. must comply with financial reporting requirements. The development of cryptocurrency is very good in South Korea, the community is strong and has been involved in early crypto, focused on the blockchain, which is why many strong and good projects originated from there. The existence of this legality will further strengthen the adoption of cryptocurrency and blockchain, hopefully, it can provide a good domino effect for other countries in Asia and the World.

jostorres

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OP: Most of the countries you mentioned at the last time of your post does not really have legalized cryptocurrencies but they have started regulating the trading of cryptocurrencies. Also south Korea legalizing crypto transactions would make billions of people access cryptos.

This would eventually upraise the price for bitcoins as we are currently being experiencing. There would be time when many more countries would legalize bitcoins and that time, bitcoins would have an instant pump and perhaps we might see bitcoins on a another all time high peak. Even Germany has stated that cryptos are a financial instrument which would also make the Germans have benefits from buying bitcoins.

FanEagle

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Quote from: Astvile on March 07, 2020, 04:43:41 AM

This is already at least expected right when japan welcomed bitcoin into its financial system. Japan is one of the most advance countries in Asia and for sure their actions are the cause of why South Korean has considered legalizing it too. I want to see Singapore and the Philippines totally accepting bitcoin.

Then I actually want to see the entire globe totally accepting bitcoins. Grin

This would not be impossible but this would surely need huge time. We have already seen that most of the countries have started showing a significant growth towards cryptocurrencies which would even make many other countries think about the same.

I am wondering that would it affect the economy of the South Korea? If yes, than many more countries too would legalize cryptocurrencies to stabilize or increase their economy. This would be a historic moment for bitcoins than as they would start getting accepted in local business where you can use bitcoins as a mean of payment. Bitcoins would than turn out to be a global currency.

adzino

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Quote from: shujah01 on March 07, 2020, 06:36:01 AM

China will accecpt bitcoin soon, because they are launching their own crypto currency because without accepting the wold's biggest crypto currency they will not make strong thier own crypto currency , if they will not accept bitcoin then world's will not accecpt the chinese currency so they have to admit forcefully .

Hard to understand what you are saying but I guess you are trying to say that the Chinese government must make bitcoin legal in order to make their own crypto currency. They will need to accept bitcoin so that the world accepts their own crypto currency. Lol. No. This won't happen. The coins they will make are going to be heavily regulated. Those government based crypto currency are just going to be like the traditional currency, but they can be used online. The crypto currencies they make will be easily traceable by the government. There won't be any financial freedom or privacy if people uses such coins. People would just ditch the government made coin, but alas, the government will force it upon them.

plvbob0070

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Most of the news/article that I have seen on the last couple of days is about bitcoin adaption, acceptance in a certain country. In fact, South Korea also belongs to the advance country and it's because of their technologies and IMO, it's totally good how they accept and legalize the top 1 cryptocurrency in the market and by just seeing this kind of news will help us to bring more adaption. But, I'm still curious about what will gonna happen if all countries will accept like it can be the key to achieve a great price in the market or bitcoin will become a legal currency.

Quote from: shujah01 on March 07, 2020, 06:36:01 AM

China will accecpt bitcoin soon, because they are launching their own crypto currency because without accepting the wold's biggest crypto currency they will not make strong thier own crypto currency , if they will not accept bitcoin then world's will not accecpt the chinese currency so they have to admit forcefully .

AFAIK, China already supported Blockchain technologies and I also see the impact of it in the price especially in just a couple of hours bitcoin spike up to 10,000$. Even they will not accept bitcoin still their cryptocurrency will have supporters like their citizens who gonna use it. China is a powerful country, and there are many investors and companies will going to use that currency so I guess whether they accept bitcoin or not still their currency will also stand out among all cryptocurrency.

Assface16678

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Quote from: Botnake on March 07, 2020, 06:12:26 AM

We can expect the the Asian countries are now pro crypto, and this is indeed a great news as South Korea is a great contribution to the adoption of crypto.
Bitcoin will lead the way again to a new bull run, this kind of news has a bigger impact in the long run and that will make bitcoin more bullish.

That was a huge impact today that one of the largest country today are already accepted the use of cryptocurrency and this is a good news for everyone today one by one that all of the largest countries now are adopting the use of bitcoin because they know the potential of the use of bitcoin as a payment to our bills, sending funds without hassle and also it is more secured than going into the banks having a lot of money and now we are using the bitcoin and pay all the things we need to do in just a single device and it is already done. We are hoping to make more future profit with the huge acceptance of the South Korea to the world of cryptocurrency and to the bitcoin.

milesfull

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Its only first step of real adoption

shujah01

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China will accecpt bitcoin soon, because they are launching their own crypto currency because without accepting the wold's biggest crypto currency they will not make strong thier own crypto currency , if they will not accept bitcoin then world's will not accecpt the chinese currency so they have to admit forcefully .

White Christmas

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Quote from: Botnake on March 07, 2020, 06:12:26 AM

We can expect the the Asian countries are now pro crypto, and this is indeed a great news as South Korea is a great contribution to the adoption of crypto.
Bitcoin will lead the way again to a new bull run, this kind of news has a bigger impact in the long run and that will make bitcoin more bullish.

not actually that we can expect that asian countries are no pro and want to adapt crypto but instead they are just competing with the western countries because they are the one who are getting in the top because of the cryptocurrency maybe the asian countries are starting to adopting cryptocurrency bitcoin or legalization of it because they are seeing a positive impact of it to the economic growth of their country and may be the citizen of this will probably may enjoy and becomes more aware of the new system of the technology.

Botnake

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We can expect the the Asian countries are now pro crypto, and this is indeed a great news as South Korea is a great contribution to the adoption of crypto.
Bitcoin will lead the way again to a new bull run, this kind of news has a bigger impact in the long run and that will make bitcoin more bullish.

Astvile

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This is already at least expected right when japan welcomed bitcoin into its financial system. Japan is one of the most advance countries in Asia and for sure their actions are the cause of why South Korean has considered legalizing it too. I want to see Singapore and the Philippines totally accepting bitcoin.

alexsandria

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Quote from: Swordsoffreedom on March 07, 2020, 04:30:41 AM

Maybe the Asian countries have realized it late that they need to accept Bitcoin to compete with the western world currencies. Hope, more countries might follow the trend and accept bitcoins in the future.

Actually the breaking news was really interesting because to the point that they are now legalizing bitcoin in some country especially right now that the news is legalization of bitcoin in south Korea.
I hope that all of the asian countries will adapt bitcoin because this will really a big help for us to the future transactions and to be honest western country are now accepting bitcoin and other cryptocurrency because they are believing that in the future they will need if in terms of their transaction and they can use it as a l currency for paperless transaction.

Swordsoffreedom

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Maybe the Asian countries have realized it late that they need to accept Bitcoin to compete with the western world currencies. Hope, more countries might follow the trend and accept bitcoins in the future.

Bitzee

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Now legal in India as well!!!

Enjoy buying and selling from BANK!

XCANA

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Awesomely perfect, for the news coming at this time of the year when Bitcoin price has been down will encourage more hold and the market will grow bigger and higher. Although this will gradually have some good and positive impact on the market, when this is done we're going to see another all time high temporary before the event schedule to take place later this year. Hope other countries that are yet to venture into cryptocurrency do that before time runs out on them. Also, those who still hold on their ban on Bitcoin or cryptocurrency should rethink their actions.

alik111

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Wow.its really a great achievement for cryptocurrency.But we are really waiting to be legalized very soon in our Country 'Bangladesh'.Hoping for the best.

yazher

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Quote from: BrewMaster on March 05, 2020, 10:18:57 AM

there is still some areas that need regulations to put an end to the very long FUD about China and bitcoin laws that have been circulating the internet nearly as long as bitcoin existed.

There is some country that banned Bitcoin like Bangladesh and others. it would be helpful when those countries lifted their ban like the Central Bank of India did. nevertheless, if they see these big countries legalizing bitcoin one after another, I'm sure they will think about implementing it in their country as well.

rodskee

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Wow!!! Just right after the unbanning happened in India in which took place for more than 2 years now South Korean Government finally adopted Bitcoin?
Though i have not seen the effect in market but i a sure this will bring growth in this coming event.
and also we know how great country South Korea is so
if time comes that the Koreans finally learned the objective and advantage of Bitcoin?specially the growing numbers of popular Korean artist all over the world (Of course asian is number 1) i can vouch that their promotion of Bitcoin will really bring us all fortune here.
I can’t wait to see the Black Pink endorses bitcoin in their concerts 😂

shoreno

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Quote from: denzkilim on March 06, 2020, 11:51:20 PM

Quote from: BrewMaster on March 05, 2020, 10:18:57 AM

Quote from: Jimmy Wales on March 05, 2020, 09:41:29 AM

Question is When China?

China has already accepted bitcoin and it has been legal for many years, i believe from back in 2011 up until now. there is still some areas that need regulations to put an end to the very long FUD about China and bitcoin laws that have been circulating the internet nearly as long as bitcoin existed.

That's correct, most of the people here know that Bitcoin is illegal in China and it is prohibited to use it in that country but the truth is just what you just said. Hope that the FUD issue will be resolve soon but I know it will be very hard to sop those people who do this kind of news spreading for their own benefit.

i know that btc have issues in china before but i also heard about that the issues were now fix so i assume china is now a btc freindly country again however there are now issues china is currently facing and that is the corona virus . btc are still going to be affected this way . anyway its nice to know that south korea also join the ride of allowing btc . not just korea but other countries were also following too , i mainly heard news about country accepting cryptos lately . this is now the time that we are waiting for .

denzkilim

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Quote from: BrewMaster on March 05, 2020, 10:18:57 AM

Quote from: Jimmy Wales on March 05, 2020, 09:41:29 AM

Question is When China?

China has already accepted bitcoin and it has been legal for many years, i believe from back in 2011 up until now. there is still some areas that need regulations to put an end to the very long FUD about China and bitcoin laws that have been circulating the internet nearly as long as bitcoin existed.

That's correct, most of the people here know that Bitcoin is illegal in China and it is prohibited to use it in that country but the truth is just what you just said. Hope that the FUD issue will be resolve soon but I know it will be very hard to sop those people who do this kind of news spreading for their own benefit.

Topic: BREAKING NEWS: Bitcoin Legal in South Korea! (Read 677 times)