[BREAKING NEWS]: South Korea to Legalize Bitcoin!!!! - page 6.

Anegg

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Quote from: Minecache on July 03, 2017, 12:11:14 PM

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/

Updates to follow as we receive them...

Looks like the asian countries are making a move. This is good and bad in my opinion, since it will benefit bitcoin with even more media attention and more merchant acceptance, but bad for the government who now landed themselves an issues. People will definitely use bitcoin for tax evasion and the Korean Government is going to have a hard time stopping it.

It is good new on the whole though, great to see more progress made for bitcoin to become mainstream and accepted worldwide. Hope to see more updates later on.

Yuuto

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Quote from: Minecache on July 03, 2017, 12:11:14 PM

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/

Updates to follow as we receive them...

Well... I don't really know whether this is good news or not. It is certainly hot news, but a government regulating bitcoin is a two sided sword. Yes, merchants are encouraged to use bitcoin, and it is also beneficial for exchanges to operate on grounds that they will enforce KYC laws strictly. But then, it'll actually be harder for users to actually use bitcoin in their country becasue they'll have much stricter control over their wealth and government will just keep on stalking them to see how much bitcoin they have.

Japan and Australia legalized bitcoin, because they took off taxes and didn't add new regulations. India and South Korea on the other hand, aren't benefiting the actual users of bitcoin at all. They just want to have a grip on bitcoin, before it overtakes the fiat economy.

Jherek

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Quote from: Minecache on July 03, 2017, 12:11:14 PM

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/

Updates to follow as we receive them...

Regulate =/= legalize.

this is a similar law that the Indian government has announced recently, and people said that they were going to legalize bitcoin when really it's just putting up more restrictions for the bitcoin traders out there.

Now, is this really good news? Probably not. As we all know, korean exchanges have historically been overpriced. Reason being very tight capital control, if this was to regulated any further then bitcoin in korea is going to be even more expensive, and noobdy can buy it without taking an instantaneous loss.

Quote from: satoshforever on July 03, 2017, 07:30:53 PM

Funny that people translate "regulate" to "legalize". This snip explains it better: https://www.snip.today/post/new-south-korean-bill-will-officially-regulate-cryptocurrencies/

Thanks, i find that a lot more accurate.

satoshforever

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Funny that people translate "regulate" to "legalize". This snip explains it better: https://www.snip.today/post/new-south-korean-bill-will-officially-regulate-cryptocurrencies/

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Quote from: ABCbits on July 03, 2017, 01:39:04 PM

After massive bitcoin trading activity in South Korea to the point where bitcoin price in South Korea exchange is higher than other exchange, it's no surprise South Korea government will take action.
As usual, it's good to see certain country legalize bitcoin, but i'm not very happy since all cryptocurrency users will be watched by government (no problem for investor though).

Not possible. Government will most likely go on extinction in the future. They can't escape it. We will all be bound by thesame law one day. Cryptocurrency is only the beginning. More powerful programs are coming.

Seansky

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Somehow this news about legalizing bitcoin is good and bad at the same time for us and for people who lives there using bitcoin. The news is good because it might boost bitcoin's growth and it will be used by more people soon because it will be legalized by South Korea, therefore many who lives there might try to use bitcoin too. The bad news is that bitcoin would be regulated there and also it will be taxed. Anyway this is only a bad news for people living there that use bitcoin before this happened.

Pattberry

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So all the Asian countries are taking over bitcoin by legalizing and it will create some interest for the citizens and i do expect some heavy investment like we saw when Japan legalized bitcoin and more people will start investing in bitcoin which could make some difference in the price of bitcoin.

graysoon

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Quote from: Minecache on July 03, 2017, 12:11:14 PM

This hot news is currently breaking on all the wires. South Korea is on the verge of legalising Bitcoin. Fill your bags...

https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/

Updates to follow as we receive them...

This is a good news and an opportunity to make bitcoin mainstream..
I think other countries will follow Japan and South Korea sooner or later Wink

BigBall

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Oh I really like that because now I hope that bitcoin price will grow really fast and we will able to see bigger and bigger bitcoin pumps which will give us even more profit on trading with bitcoin.

BitHodler

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Quote from: Hazir on July 03, 2017, 03:53:06 PM

I am excited - after Japan, now Korea, and we may see another price surge caused by massive nationwide adoption!

Japan has been a great source of growth so far, but that doesn't really mean that other countries will contribute towards more growth in the same way.

I think if enough countries follow the footsteps of those that already legalized Bitcoin, then in the long run it will translate into a market that constantly increases in value as the demand keeps rushing forward.

On the other hand, while countries legalizing Bitcoin is a great thing in general, it has more or less become a hype. People will hold on to everything that they think is capable of increasing the price significantly.

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Quote from: Reid on July 03, 2017, 03:31:18 PM

Good for us but sadly too bad for the users living there.
I hope my country doesn't make that decision.
Truly, what is the idea of the South Korean government to make this happen?
Is this really for bitcoin users and the countries economy or is it just for their pockets opinion.
If you will ask me this is some scary sh1t. A great news or a bad one?
A dive in price or a rise? Think of it thoroughly.

I don't know where you live but only if governments legalize the use of bitcoin as payment and not only as commodity people will be persuaded to use it. Otherwise they will keep is as digital asset instead of gold. As far as it concerns the price you could see the fluctuations of any fiat money even the strong ones.

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Quote from: xderek on July 03, 2017, 03:55:18 PM

I would see a lot of people cry

Make some picture of them.

xderek

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What is supposed to mean, maybe they would adopt it but it is already hot in Korea. I would see a lot of people cry, because bitcoin already so high and no one expected to go higher.

Hazir

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I don't want to be overly optimistic about it. I learned that it is better to wait and see how this new legalisation process will look like.
let's just hope that we won't see some ridiculous law which will curb bitcoin adoption rather that increase it among society.
I am excited - after Japan, now Korea, and we may see another price surge caused by massive nationwide adoption!

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Quote

A set of bills to give cryptocurrencies ... , legal grounds is being prepared by a South Korean lawmaker
...
More investors tend to flock to virtual currencies due to skyrocketing trade prices,
while some, including lawmaker Park,
compare the cryptocurrencies with tulip, whose price bubble burst rattled the European nations.
http://www.koreaherald.com/view.php?ud=20170703000867

This law will give any preference to BTC.
Presence of bubble is published in the same "news" text.

Adbitco

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I think it would be interesting to see how all these countries like China, Japan, India, South Korea and maybe a few more legalize bitcoin. I don't think bitcoin has anything against any law but most of the governments of various countries or governments of almost all the countries in the world find it difficult to digest the fact that something which is decentralized and has no governmental control over can replace their centralized currencies.

joebrook

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I am all up for major countries legalizing bitcoins as long as the prices dont come crashing down due to their regulations, which will eventually benefit the government instead of the people.

Reid

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Good for us but sadly too bad for the users living there.
I hope my country doesn't make that decision.
Truly, what is the idea of the South Korean government to make this happen?
Is this really for bitcoin users and the countries economy or is it just for their pockets opinion.
If you will ask me this is some scary sh1t. A great news or a bad one?
A dive in price or a rise? Think of it thoroughly.

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Quote from: Scorpion on July 03, 2017, 02:15:01 PM

What about North Korea? Haha all kidding aside - they're busy counterfeiting U.S dollar bills (that are very hard to detect by the way). That's good on South Korea making these great moves for blockchain adoption. Bitcoin to the moon!

Yes bravo!That's a good step already..before Japan and now South Korea.And maybe by no means it will reach to our country soon.Legalization would only be possible if the government would see its potentials and positive feedbacks and i'm pretty sure bitcoin has all that.

HTracer

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Following Japan, South Korean parliament demonstrats divergency with US legislative power policies in relation to crypto. It's getting not so easy to declare bitcoin out of law worlwide.

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