Topic: What happen if South Korea ban bitcoin trading? (Read 220 times)
I have heard this news days ago that the south korean government has raided many of their bitcoin exchanges and even in coinmarketcap has delisted the south korean exchange markets. so the event of banning the South Korean exchange markets has a high possibility to be true, they are like china. So if that happen of course the numbers of exchanges will began to decrease and demand will be less, but that will not affect much because even China's big maket has not much had impact when it was banned.
A lot of capital would quickly leave the market, depressing prices just as in the last few days. But then it would flow back in to other exchanges, and prices would recover, albeit perhaps not immediately to the same levels.
How do you enforce a ban? Shutdown the internet?
As I hit post, lost my internet! Ha.
As I hit post, lost my internet! Ha.
I heard that CoinMarketCap has delisted the South Korean exchange markets some days ago, because the prices of cryptocurrencies are higher there, but those markets do not register non-residents to make an arbitrage deals.
Probably, the news about banning the South Korean exchange markets are a fake.
Probably, the news about banning the South Korean exchange markets are a fake.
Bitcoin will goes down than.Issue is than Asia regulators S.Korea,China,Japan are working together now
There was raid,it means there was criminal investigation.Next can be Honk Kong
As a result we may have better quality,more responsible exchanges with working support
As for now exchanges are one nightmare
There was raid,it means there was criminal investigation.Next can be Honk Kong
As a result we may have better quality,more responsible exchanges with working support
As for now exchanges are one nightmare
I read that korea say that is not true
It is all just FUD. There are gonna be some regulations for sure but definitely not BAN.
I thought when south korea bans bitcoin trading its the end of all altcoins market will be in a bloody red , but its not altcoins goes in red but only in a short period of time.
Because it will not impact Bitcoin. For a probable reason the Korean government’s intention might be to ban anonymous cryptocurrency trading rather than crypto trade in general, to ensure that traders comply with its rules.In short government is requiring Bitcoin traders to do so under their real name, not anonymously. That's all. You can make (a lot) of money but you will need to pay taxes. That's fair enough, and let's not fool ourselves this will happen in every developed countries soon.
The FUD is in the house today. Just like China, South Korea tries to regulates ICO with leads to rumors of banning the whole crypto currency buzz. Scam ICO's are inevitable because of popularity of bitcoin. I think this is the only way to lessen the risk of investors that are entering ico's.
I thought when south korea bans bitcoin trading its the end of all altcoins market will be in a bloody red , but its not altcoins goes in red but only in a short period of time.
South Korea is compiled law prohibiting trade cryptocurrency bitcoin. Justice Minister said the existence of virtual money it into one concerned the government. some places Exchange cryptocurrency bitcoin in Seoul raided the mid-January, in an investigation of the case of the alleged tax avoidance.cited BBC, bitcoin during this move the wild. can increase dramatically and can also fell sharply. currencies digital bitcoin has jumped sharp in 2017 and encourage request large enough. this condition invite concerns about the number of residents addicted 'gamble' bitcoin. since there is a bit of them tempted to the value bitcoin great. "worries of the virtual currency and we prepare bill which prohibit the trades cryptocurrency," said the Minister of Justice South Korea, Park the-left, Thursday (11/1/2018). last December, South Korean government has actually tell if in 2018, it will be tightened supervision in stock Exchange, including bitcoin.
in case of things like this in South Korea, may affect the Exchange bitcoin in other countries, I wish there anticipation of this problem in other countries
in case of things like this in South Korea, may affect the Exchange bitcoin in other countries, I wish there anticipation of this problem in other countries
If only one country banned bitcoin like korea and other countries still continue and accept freely in bitcoin there's nothing to worry all about, as long us our country today give a chance to access bitcoin we must go on until the end of time.
Let's just run through this sort of situation, if this were to REALLY happen and not end up being some fake news. Then this would cause a pretty big stir up in bitcoin, as the price would fall a substantial amount under the guise that more countries are going to follow. There'd be a big sell off and then no other countries would follow, the price would come back up -- maybe even higher, and things would be completetly fine.
So, nothing in the end. It's just a hiccup in the middle.
So, nothing in the end. It's just a hiccup in the middle.
There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.
it's no use debating a topic that is just rumors because it will only increase fear in people and we will have a very big problem. People are going to run to sell because they are panic and this is not good. Just relax, I even commented that they are close to ban bitcoin but then read somewhere that said it is not so simple they ban bitcoin.
OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says
Quote from: https://cointelegraph.com/news/official-no-cryptocurrency-trading-ban-in-south-korea-government-says
In an official announcement, South Korean government reaffirms there will be NO TRADING BAN for #cryptocurrency market in the short term and NOTHING IS FINALIZED.
Same as to what happened in China: numerous press releases resulted into slight crashes but the market still bounced back. South Korea used to be a bitcoin friendly country but due to the increasing number of fraudulent ICOs they became stricter with their laws and regulation. Their main concern right now is to prevent ICOs from taking place in their soil or for their citizens to not participate in such rather than banning bitcoin exchanges all in all. The possibility is still there but I guess they'd still focus on money laundering problems first then tackle about exchanges later.
someone just said in a different thread that it will not be banned, so calm down.
It will be bad for bitcoin and other crypto, usually a country banning crypto will cause a drop and south Korean hold quite massive users so the drop will be quite serious and once the South Korea banned crypto I afraid that another country will follow it, hopefully bitcoin will just regulated not ban
There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.
Definitely,it would have some effect on bitcoin's price but temporarily.Just when China banned ico and shut down the bitcoin e exchanges,bitcoin price fell a little,but soon recovered.
Кypc биткoинa yпaл дo 13 тыc. дoллapoв пocлe cooбщeний o пoдгoтoвкe Южнoй Кopeeй зaкoнoпpoeктa o пoлнoм зaпpeтe тopгoвли кpиптoвaлютaми, cвидeтeльcтвyют дaнныe тopгoв.
Кaк cooбщaeт Report co ccылкoй нa PИA Hoвocти, миниcтp юcтиции Южнoй Кopeи Пaк Caн Ги зaявил, чтo влacти cтpaны oбecпoкoeны чpeзмepным pocтoм кpиптoвaлютныx cпeкyляций и гoтoвят зaкoнoпpoeкт, пoдpaзyмeвaющий зaпpeт тopгoвли цифpoвoй вaлютoй. Oтмeчaeтcя, чтo Южнaя Кopeя являeтcя oдним из кpyпнeйшиx pынкoв тopгoвли биткoинoм и Ethereum.
Eng
The bitcoine rate fell to 13 thousand dollars after reports of South Korea's preparation of a draft law on a complete ban on trade in crypto-currencies, according to the bidding data.
According to the report with reference to RIA Novosti, South Korea's Justice Minister Pak San Guy said that the country's authorities are worried about the excessive growth of crypto-currency speculation and are preparing a bill implying a ban on trading in digital currency. It is noted that South Korea is one of the largest markets for trade in bitcoin and Ethereum.
Кaк cooбщaeт Report co ccылкoй нa PИA Hoвocти, миниcтp юcтиции Южнoй Кopeи Пaк Caн Ги зaявил, чтo влacти cтpaны oбecпoкoeны чpeзмepным pocтoм кpиптoвaлютныx cпeкyляций и гoтoвят зaкoнoпpoeкт, пoдpaзyмeвaющий зaпpeт тopгoвли цифpoвoй вaлютoй. Oтмeчaeтcя, чтo Южнaя Кopeя являeтcя oдним из кpyпнeйшиx pынкoв тopгoвли биткoинoм и Ethereum.
Eng
The bitcoine rate fell to 13 thousand dollars after reports of South Korea's preparation of a draft law on a complete ban on trade in crypto-currencies, according to the bidding data.
According to the report with reference to RIA Novosti, South Korea's Justice Minister Pak San Guy said that the country's authorities are worried about the excessive growth of crypto-currency speculation and are preparing a bill implying a ban on trading in digital currency. It is noted that South Korea is one of the largest markets for trade in bitcoin and Ethereum.
I'm not sure I agree to this.
Probably because I have no idea what it says...
There are lot of rumors in social media about bitcoin trading going to ban in south korea.what happen to bitcoin price if it is true.
Even if they were going to ban it, it would take a long time to happen. This is because first government officials would threaten to shut them down over and over, then back off. The South Korean government officials will issue each of these threats right after they take short positions across multiple exchanges. Once they think they have crashed the markets the maximum amount, they will close their short positions and rebuy to go long. They will then explain that they aren't banning crypto afterall, just strengthening KYC/AML laws. Wash, rince, and repeat, just like China.
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