Topic: South Korea putting an end to trading through cryptocurrencies (Read 555 times)

That's the reason why Bitcoin began to fall few day ago. I don't think that South Korea is great loss for our crypto world.

Is South Korea is whole world? no wait for little time Bitcoin always take off make surge and then fly again so wait for some days more. Bitcoin is still at very strong position.

What are you talking about? There's no ban and there are no setups for it. First a bill has to be proposed then it has to get the majority of votes...
Currently there's no bill! No bill = no ban!


Exactly. There was a ban in China and what? In the meantime we could watch BTC reach another ATH. So, while a huge country has closed its exchanges the price and interest went up! Even if they banned it it would be a temporary setback, but let's say it again, they are not banning it.

They are denying their citizens a very good opportunity by doing so and i know there are a lot of local cryptos in the country, maybe the government is banning it so that the citizens will be able to invest in the locally made cryptos there.

The South Korean government can do what they want, Bitcoin is here to stay. Whilst other governments embrace Bitcoin and

reap the benefit from extra taxes {VAT & Capital Gains}, the South Korean government have to deal with people dealing in

Bitcoin on underground markets and also losing tax income from people who are spending their BTC in other tourist

destinations. So you earn bitcoins online, visit another country where it is accepted and spend it there.     

Korean is a big market for crypto currency and an indication from their government official about banning of trading affected the price very much,earlier we used to see these sort of news from the Chinese market and the market would react according to those news and it took over an year to actually ban their exchanges and this is the case i expect from Korea too,hopefully the market might recover even after the Korean's ban trading,only time will tell.

Remember when China ban cryptocurrency trading the price drops but it regain after a few weeks only and I don't think Korea is much bigger than China, of course, there will a price drop but not enough to take down cryptocurrency permanently

What used to be one of the driving force of crypto in Asia seemed to lose its prowess over a course of three months because of the boom of fradulent ICOs. I couldn't blame them since they're just trying to avoid the worst case scenario of people jumping aboard a ship they don't fully know where it's headed to. Like China, the news might generate a slight negative market reaction, but with the participation of institutional investors' money, the market would surely shrug it off within a few months time.

They wish that they can put an end  to Bitcoin. Many have tried but every single one of them failed. You cannot ban anything as intangible as Bitcoin. It is similar to banning Romance Comedy in South Korea. It is just absurd.

Is it absurd that many countries ban bitcoin, why do they forbid bitcoin ?, Is bitcoin ever harmful to a country ?, of course not, even some people become rich because bitcoin.

I think that South Korea thing was just a temporary thing so we need nothing to worry about it when it comes to price, it will eventually rise again, let us take note that we are the ones making the value, with or without the help of Korea bitcoin will still exist for as long as we will here to support 'till the end.

I think bitcoin are not being controlled since it is decentralized coin amd if that is the main reason why bitcoin will be ban in that country I think it has big impact since that country is already part of what bitcoin now bit I think they are not being control it but they can also destroy some by letting not bitcoin not come again in their country so that they shoul ban it for them to not already accepting bitcoin in their country. If that will be their plan, then no one could even do some plans again.

Well, I guess you haven't got the chance to know China when it was very active in bitcoin industry before their government banned local exchanges.
It shook the grounds of everyone and they thought it was the end of this industry.
I see another country banning bitcoin as just a normal thing that government do.
If this is a true news then, I think people will panic again and they will be contributing to much of another bloodbath.
And if it's a FUD, hahaha. I think it will be having the same effect.
People should really specify their topics, regulating is far different from banning.

Okay it is clear already. Title is misleading. Korea just wanted to regulate all cryptocurrency exchanges in their country. Nothing bad in my opinion as it will be considered as business entity.

Not sure it will be the end. Perhaps they just showed who is the boss with an aim to regulate exchanges at some point.

Yes, South Koreans feel threatened by decentralized currency and feel the need to BAN over it. However, price falling just temporaray as nothing can climb up forever. Cryptos it will recover like it always has to ATH.

South Korea's justice minister said on Thursday that he had prepared a plan to ban all kriptocurrency trade in the country.

This news is an important development for the field of cryptocracy; because South Korea is one of the biggest markets for big money like bitoin and ether.

According to the industry website, CryptoCompare is traded against the South Korean boiler with more than 10 percent of EteReum - the second largest concentration in the price currency behind the dollar. In the meantime, 5 percent of the endosine rate is being processed against the win.

"There is great concern about virtual currencies, and the ministry of justice is basically preparing a design that prohibits cryptocracy trade through the stock market," Park Sang-ki, the ministry's press office said.

According to the park's statement Bitcoin fell more than 12 percent. At 12:35, HK / SIN, cryptocracy traded at $ 13,042.79 per ton.

He added that the cryptocracy trade could not disclose further details of the closing of the stock exchange, and that various government units would work together to implement various measures.

The trade in cryptocracia in South Korea is very speculative and similar to sand. According to overseas evaluations, it is considered "abnormal" because the price of important cryptographic currencies such as vegetarians is higher than the others in the country. This difference in price is called "kimchi premium" by many traders.

After the announcement, the stocks exposed to the bit-threshold in the country suffered a great blow. Omnitel shares in Bitcoin remittance business fell 30 percent, Digital Optics 13.46 percent, KPM Tech 5.19 percent.

People familiar with the investigation came to Reuters after the news that the largest crypto shopping malls in the country were raided by police and tax offices this week for alleged tax evasion.

I think, fear like this news will only hurt you. I'm sure, bitcoin and eth are able to survive again. however, such cases have occurred frequently. I'm sure in time there will be many countries in the world that will adopt crypto.

We have gone through the exact thing with China a while ago. The Chinese government even closed down the unregulated exchanges, until they adhered to the Chinese regulations and most people were running around, saying that Bitcoin was banned in China.

These governments have a obligation towards their consumers to protect them from fraudulent exchanges and financial institutions, so they will implement strict regulations to protect their economy and also their citizens.

As soon as people realize what this is, FUD will decrease and this will go back to normal. ^smile^

That is a sad reality for the whole community of bitcoin, but it might trigger more resistance especially those wanted to koin the ride of the century. As I can see it, they still wanted to control their people, but in the end people will decide for themselves. There are more countries in this world, we can survive without 2-5 countries. We have the remaining countries to fulfill our dreams.