South Korean government preparing bill to ban crypto trading

[YongKang]

So, lately, we all been hearing a lot about cryptocurrency, bitcoin and tralala.
Some country in Asia like China and in this case - South Korea are taking action against crypto.

The South Korean justice minister, Park Sang-Ki, said he's preparing a bill a ban on cryptocurrency trading through South Korean exchanges.

He said:

Quote

There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges

Source: https://www.tweaktown.com/news/60505/south-korean-government-preparing-bill-ban-crypto-trading/index.html

Personally, I'm wondering if this cryptotrading ban will not only happen in Asia but also in Europe and NA. Will cryptocurency remain in the trade, and not be used in anything IRL? Let's chat down below.

[8uhbbhu8]

IMO thats stupid. I believe the whole reason countries do crap like this is cause they can't control it. Unless they have control no one can have some... 

[sazrocks]

Why tho?

[captain_to_fire]

This doesn’t surprise me given the volatility of cryptocurrencies 

 

[mr moose]

2 minutes ago, 8uhbbhu8 said:

IMO thats stupid. I believe the whole reason countries do crap like this is cause they can't control it. Unless they have control no one can have some... 

Of course that's the sole reason they do it.    The whole point of any government is to run the country, if it can't control parts of it then it can't do it's job.  For some countries it is likely easier to ban crypto than to try and integrate it into tax/trade law.   Cryoto being as unstable as it is also brings a whole other issue of stability, but how effectual that is probably requires an economist to determine. 

[DrMacintosh]

Yassss

 

I've been waiting for this crap to start getting laid into. 

[CostcoSamples]

For anyone who has been following crypto currencies from the start, this has long been predicted.  One of the primary goals was to bypass currency manipulation.  To separate government from currency.  This is actually a good sign because it means government officials are starting to take notice.  You can't stop it though - the ban in China didn't change much.

[RagnarokDel]

Right, that's totally going to prevent users from trading crypto... That minister is a fart.

[tp95112]

With crytocurrency being used in illegal activities, surpised they didnt try to regulate it more the straight out ban it

[YongKang]

20 minutes ago, CostcoSamples said:

For anyone who has been following crypto currencies from the start, this has long been predicted.  One of the primary goals was to bypass currency manipulation.  To separate government from currency.  This is actually a good sign because it means government officials are starting to take notice.  You can't stop it though - the ban in China didn't change much.

They are going to ban mining as well. I'm currently waiting for more info from my contacts about the legitimacy of it. I'm getting hints of yes from them.

[mr moose]

25 minutes ago, CostcoSamples said:

For anyone who has been following crypto currencies from the start, this has long been predicted.  One of the primary goals was to bypass currency manipulation.  To separate government from currency.  This is actually a good sign because it means government officials are starting to take notice.  You can't stop it though - the ban in China didn't change much.

I don't think they really care if it exists,  The point is people won't be able to use it to launder real money, the stuff you will need to buy essential items.   If all the governments did this it would effectively make bitcoin a hobby currency and maybe a criminal one. 

[Cookybiscuit]

Oh no not the exchanges, how will people trade cryptocurrency now? 

 

I wonder how they'll enforce a mining ban, maybe the same way they detect people growing cannabis.

 

 

[Taf the Ghost]

Korea has been notable for a larger crypto scene, so it's possible it's mostly some anti-money laundering approach. Details and local conditions matter for this stuff.

[Jurrunio]

Something to do with electricity used?

 

When will they finally do sth to Samsung, the anti competitive behaviour?

[mr moose]

32 minutes ago, Jurrunio said:

Something to do with electricity used?

 

When will they finally do sth to Samsung, the anti competitive behaviour?

I thought Samsung was the government?   Joking, sort of .  I think (personally that is) the issue with Samsung, LG and daewoo is that because sth Korea is so small and has no natural resources to speak of, it is reliant on Samsung, LG et al being world dominating companies.    Corruption aside, It is in sth Korea's best interest to keep these companies huge as it brings in the $$ and keeps them in the game.     Japan is in a similar boat and that is why there was a huge push for Japanese dominance in the world trade and keeping companies like Toyota, Mitsubishi, Fujitsu etc alive and well.

[Kukielka]

Its FUD, SK ain't banning Crypto Trading.

 

I guess the dip is the perfect time to invest

 

http://www.ytn.co.kr/_ln/0101_201801111615246051

[paddy-stone]

6 hours ago, tp95112 said:

With crytocurrency being used in illegal activities, surpised they didnt try to regulate it more the straight out ban it

Sorry but that makes zero sense, like saying cars, real currency, etc are used in illegal activities we'll ban the use of those... there are so many everyday items used in illegal activities, doesn't mean they are ONLY used for illegal activities. Anyone that thinks that way is either really old and doesn't understand shit, or has some other problem where they can't understand logical reasoning. If we banned everything that could be used for illegal activities we'd ban almost everything.. including governments, I mean look how many members of government no matter the country, get caught taking bribes/backhanders etc.

 

[edit] Just clarifying, I'm not arguing with you, am agreeing that banning makes xero sense... sorry if I caused confusion.

Edited January 11, 2018 by paddy-stone

[xtroria]

Personally, I am glad that governments are starting to put some regulation or just straight out banning crypto currency. Looking at it from economy standpoint, it's basically having a bunch of stock that comes out of nowhere and its price is completely uncontrollable.

 

Having something like this running completely unregulated and so far, untaxed is basically the fastest and easiest way for money laundering and tax evasion. Not to mention crypto-currency is the easiest way for the transaction in black market and terrorism money circulation

[Dissitesuxba11s]

7 hours ago, YongKang said:

They are going to ban mining as well. I'm currently waiting for more info from my contacts about the legitimacy of it. I'm getting hints of yes from them.

As much as I hate the fact that GPU prices have skyrocketed because of the mining boom, I don’t think South Korea has a way to deem mining illegal. Correct me if I’m wrong, but there is no aspect of mining that can be labelled illegal; all they are doing is using computer hardware to solve complex calculations and being paid in cryptocurrency.

 

I wonder how the Korean government can make a case on this issue.

[FeralWombat]

Unpopular personal opinion: crypto currency, while arguably the product of a "necessary" evil, is still an evil in which no wealth is generated but simply transferred.

 

There will be those that may argue that wealth is generated by the purchase of hardware to acquire said crypto, the bottom line is its still a shell game since ultimately that expenditure is intended to be covered by successfully mining and trading crypto.

[bcredeur97]

8 hours ago, 8uhbbhu8 said:

IMO thats stupid. I believe the whole reason countries do crap like this is cause they can't control it. Unless they have control no one can have some... 

this did happen after some exchanges being raided for tax evasion.

People still need to pay taxes. At least on income they bring into the country. It's the right thing to do..

 

but as for banning it outright I agree... no reason to do so

[The Benjamins]

9 hours ago, DrMacintosh said:

Yassss

 

I've been waiting for this crap to start getting laid into. 

What do you mean this crap?

 

They should create tax laws around it, so they can regulate it a bit and get money from it. Banning trading seems so silly.

9 hours ago, tp95112 said:

With crytocurrency being used in illegal activities, surpised they didnt try to regulate it more the straight out ban it

What currency hasn't been used in illegal activites?

[DrMacintosh]

34 minutes ago, The Benjamins said:

What do you mean this crap?

Crypto in general. All I see it a snake oil that’s not actually worth anything. 

[Zodiark1593]

3 minutes ago, DrMacintosh said:

Crypto in general. All I see it a snake oil that’s not actually worth anything. 

Those that trade in it obviously see value in it (cryptocurrency), otherwise this wouldn't be a topic.

[The Benjamins]

33 minutes ago, DrMacintosh said:

Crypto in general. All I see it a snake oil that’s not actually worth anything. 

well its been proving its worth for 8 years, the technology behind it works great, and has scaled immensely.