Topic: South Korean gov't holds emergency meeting re curbing cryptocurrency speculation - page 2. (Read 413 times)
December 14, 2017, 02:28:53 AM
CHINA BAN REVISITED #128292
December 14, 2017, 02:14:20 AM
It's always the same cycle these type of news:
1) Government bans X related to crypto
2) The market panics and idiots sell
3) Government realizes banning X is actually not good for them since they are missing on big tax cuts
4) Government unbans X, but regulates it accordingly
1) Government bans X related to crypto
2) The market panics and idiots sell
3) Government realizes banning X is actually not good for them since they are missing on big tax cuts
4) Government unbans X, but regulates it accordingly
Wait what? Has this ever happened under the context where the country wants nothing to do with X, but unbans it with regulations? China's exchange ban, for example, is reversible because they have said that it needs regulating, and is not a permanent ban by any means. If South Korea bans Bitcoin trading under the assumption that it's a ponzi, then doesn't that rule out a softer stance and regulations later? Has there ever been a country that declared Bitcoin or something related a scam to justify a ban, only to reverse their position?
Anyway, losing South Korea will be a big blow, but nothing we can't survive. I still can't wrap my head around why some people think Bitcoin is a ponzi when they're so fundamentally different.
December 13, 2017, 08:16:19 PM
1. Ban bitcoin
2. Buy the drop
3. Embrace bitcoin
4. Profit
2. Buy the drop
3. Embrace bitcoin
4. Profit
December 13, 2017, 06:55:58 PM
I think rising price of Bitcoin has lead them to assemble for this emergency meeting. Without any doubt South Korea plays an vital role in the crytocurrency market and large amount of data flows through the country. The meeting is likely to discuss the future about the Bitcoin in the country and its integration in the system with proper tax system. The wind of bitcoin's value is making things unclear and mysterious everyday, one can only hope for the positive results for the future.
December 13, 2017, 06:35:58 PM
It's ridiculous that South Korea didn't have some barebones advisories in place at least. If they're concerned about their citizens setting their money on fire, then the government itself will be responsible for it if they're too heavy handed. It's also incredibly stupid and short sighted of the exchange operators not to see a threat coming. They should've volunteered to abide by some sort of code of conduct.
Korea could well end up another China and all that entails but I hope at least they get it over and done with rapidly.
Korea could well end up another China and all that entails but I hope at least they get it over and done with rapidly.
December 13, 2017, 06:17:52 PM
I think the news is out that south korea will not ban crypto exchange like china did?
Could someone kindly confirm this?
Thanks
Could someone kindly confirm this?
Thanks
We won't have official word until Friday, when the government is expected to announce the new measures. It doesn't sound like it will be as bad as China. This is the long and short of it, according to Reuters, but things are still under wraps for now:
Quote
In Seoul, after an emergency meeting on Wednesday, South Korea’s government said it will consider taxing capital gains from trading of virtual coins and will also ban minors from opening accounts on exchanges, according to a statement obtained by Reuters ahead of its official release.
To be eligible, exchanges in South Korea will need to uphold investor protection rules and disclose all bid and offer quotes.
The measures need parliamentary approval. Seoul will maintain a current ban on all financial institutions dealing virtual currencies.
To be eligible, exchanges in South Korea will need to uphold investor protection rules and disclose all bid and offer quotes.
The measures need parliamentary approval. Seoul will maintain a current ban on all financial institutions dealing virtual currencies.
It sounds like the ICO ban and the prohibition on banks dealing with BTC will stay in place. There will be new restrictions on cryptocurrency exchanges including a ban on minors opening accounts. There will be a new tax regime put into place for digital currencies --- likely a capital gains tax.
December 13, 2017, 06:05:50 PM
I think the news is out that south korea will not ban crypto exchange like china did?
Could someone kindly confirm this?
Thanks
Could someone kindly confirm this?
Thanks
December 13, 2017, 05:51:54 PM
It's always the same cycle these type of news:
1) Government bans X related to crypto
2) The market panics and idiots sell
3) Government realizes banning X is actually not good for them since they are missing on big tax cuts
4) Government unbans X, but regulates it accordingly
Also the underlying aspect of Bitcoin that makes governments hold "emergency meetings" is just another sign that it works. No matter what their laws and decisions say, the code will obey above everything else, and blocks will keep getting mined every 10 minutes. Once people realize this is the intrinsic value of Bitcoin and it is a VERY HIGH one therefore current prices are highly undervalued, they will stop falling for the food. On the long term only smart money will be holding Bitcoin and these news will be irrelevant for the price.
1) Government bans X related to crypto
2) The market panics and idiots sell
3) Government realizes banning X is actually not good for them since they are missing on big tax cuts
4) Government unbans X, but regulates it accordingly
Also the underlying aspect of Bitcoin that makes governments hold "emergency meetings" is just another sign that it works. No matter what their laws and decisions say, the code will obey above everything else, and blocks will keep getting mined every 10 minutes. Once people realize this is the intrinsic value of Bitcoin and it is a VERY HIGH one therefore current prices are highly undervalued, they will stop falling for the food. On the long term only smart money will be holding Bitcoin and these news will be irrelevant for the price.
December 13, 2017, 01:56:09 PM
nope i do not think so,
because as far as i can see there're a lot of confusion happened with them.
booming that happened with cryptocurrency lately made them think about to the opposite move that they're going to take.
the reason behind this confusion due to income that can be generated from the taxes.
in here i can see that they're trying to regulate their local exchanger and also lifting ICOs ban.
https://cointelegraph.com/news/south-koreas-financial-services-commission-plans-to-reverse-ico-ban
(of course they're only allowing a professional player to open up that kind of project and using ICOs system).
i hope it'll only become another japanese.
because as far as i can see there're a lot of confusion happened with them.
booming that happened with cryptocurrency lately made them think about to the opposite move that they're going to take.
the reason behind this confusion due to income that can be generated from the taxes.
in here i can see that they're trying to regulate their local exchanger and also lifting ICOs ban.
https://cointelegraph.com/news/south-koreas-financial-services-commission-plans-to-reverse-ico-ban
(of course they're only allowing a professional player to open up that kind of project and using ICOs system).
i hope it'll only become another japanese.
December 13, 2017, 05:40:03 AM
South Korea accounts for the #1, #10 and #14 cryptocurrency exchanges by volume. Yes, I know there could be wash volume involved, but as we all know from the Chinese exchanges' history, that doesn't necessarily matter. Korea seems to be approaching Japan with regard to market relevance, and Koreans are especially active in the altcoin markets.
So, the government called an emergency meeting yesterday. The topic: methods for curbing cryptocurrency speculation. Sources at the Bank of Korea say that the government will announce measures targeting cryptocurrency traders by the end of the week. They already banned ICOs in September. According to the article:
Could this be fuel for a price correction?
So, the government called an emergency meeting yesterday. The topic: methods for curbing cryptocurrency speculation. Sources at the Bank of Korea say that the government will announce measures targeting cryptocurrency traders by the end of the week. They already banned ICOs in September. According to the article:
Quote
Top officials at the country's finance regulator have openly mulled a bitcoin trading ban and have compared trading in the cryptocurrency to a Ponzi scheme.
Could this be fuel for a price correction?
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