There's a lot of FUD (Fear, Uncertainty, and Doubt) about a ban on all cryptocurrency trading in South Korea today.
Many news agencies wrote about the police and tax authorities raiding offices from Bitcoin exchanges, but this hasn't been confirmed and seems nothing more than just rumors. Tax authorities have friendly visited some exchanges recently, but this is nothing unusual.
South Korea has a booming blockchain industry and I don't expect the government would harm this new and promising sector. The volume on South Korean cryptocurrency exchange markets is already higher than the volume on the country's main stock market. Would they ban this market? Think rationally! South Korea is not China. Protecting investors has a high priority though.
What we know is that the South Korean government is trying to ban anonymous trading accounts and prevent money laundering. There is no ban on crypto currency in South Korea right now and exchanges are all operating as usual.
Everything else is just FUD. South Korea is NOT banning cryptocurrencies! Don't believe the fake news from the mainstream media and do not sell your coins for a low price. Perhaps the South Korean government bought the dip today ;-)
BTFD (Buy The Fucking Dip) and HODL! :)
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Latest Crypto News - January 11, 2018
Bitcoin, Ethereum Prices Plot Cautious Recovery as Korean Government Cools Trading Ban Rumors
The cryptocurrency market is eyeing a cautious recovery after financial regulators in South Korea publicly stated that they do not agree with the cryptocurrency trading ban that has been proposed by the country’s justice minister. In the meantime, though, nearly every major coin is trading below its previous-day level, and the ethereum price has snapped its streak of positive returns.
Read more: ccn.com
More sources:
South Korea’s Finance Ministry Refuses to Support Cryptocurrency Trading Ban
The South Korea Ministry of Strategy and Finance has come out and said that it does not agree with the premature statement of the Ministry of Justice about a potential cryptocurrency trading ban.
Read more: ccn.com
More sources:
- South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify (Forbes)
- ‘Nothing Finalized’: South Korea Gov’t Ministries Diverge Over Crypto Ban Proposal (Cointelegraph)
- South Korea Still Allows Crypto Trading, After Thorough KYC (Cryptovest)
Korea's Central Bank Forms Task Force to Study Cryptocurrency Impact
The Bank of Korea (BoK), South Korea's central bank, has launched a cryptocurrency task force to explore the technology's effects on the financial system.
Read more: coindesk.com
World's Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour
Binance, the world’s biggest cryptocurrency exchange keeps getting bigger. Binance user traffic has resulted in bottlenecks with Amazon.
Read more: bloomberg.com
Florida Bill Would Legally Recognize Blockchain Signatures, Smart Contracts
A lawmaker in Florida has introduced a bill that, if passed, would create a legal foundation for blockchain data and smart contracts in the U.S. state.
Read more: coindesk.com
Australian Taxation Office Creates Task Force to Go After Bitcoin Traders
Are you an Australian citizen and worried you might not be paying all the taxes you are due on your bitcoin investments? Well, worry no more because the government is here to help. A group of experts has been assembled to make sure no satoshi goes untaxed in the land down under.
Read more: bitcoin.com
Goldman Sachs Admits Bitcoin is Real Money, Cites Use Cases in Developing World
White shoe investment bank Goldman Sachs has admitted that Bitcoin and other digital currencies could succeed as real money in developing economies. Goldman strategists wrote in a recent report:
“In recent decades the U.S. dollar has served its purpose relatively well. [But] in those countries and corners of the financial system where the traditional services of money are inadequately supplied, Bitcoin (and cryptocurrencies more generally) may offer viable alternatives.”
Read more: cointelegraph.com
Other sources:
- Goldman Sachs Recognizes Bitcoin’s Future Potential (Bitcoin.com)
- Goldman Sachs: Bitcoin Could Be Viable Money In Troubled Economies (Coindesk)
Japan's Fisco Launching $2.66 Million Cryptocurrency Fund
Japanese investment research firm and bitcoin exchange operator Fisco has announced that it will launch a cryptocurrency fund.
Read more: coindesk.com
Atomic Action: Will 2018 Be the Year of the Cross-Blockchain Swap?
Atomic swaps herald a way to greatly expand the capabilities of blockchain – but how soon will users be tapping the tech for trading?
Read more: coindesk.com
Last 4 episodes of btfd were successful. Lets see the fifth one.
thanks a lot for the news
...yep, you can say that again!
It is just a confusion, most probably, justice department released a premature statement and they don't have the proper understanding of it. However, exchanges will be regulated similar to stock market. Therefore, every user will be verified through KYC for taxation and protection from possible money laundering. I wonder how international traders can get access to SK exchanges. There will be some exchanges in some countries where trading with KYC is possible or, it is time Decentralized exchanges.
The media is trying to drive the price down so the ultra rich can get a good entry point!
^ here take our ripple for your bitcoin...
Remember to always remove your crypto from the exchanges. You don't actually own it until it's safe in your wallet.
🗅
Most of these rumours arise because someone has mistranslated something coming out of China or Korea.
South Korea has replaced China in the FUD stakes. The amazing thing is that three years after this type of FUD started spreading, people still fall for it.
BTFD?
Buy the f*cking dip.
LOVE THISSSSSSSSSSSSSSSSSSSSSSSSs
😂😂
this is good news for crypto. thanks so much
Thank you for another positive report on crypto @penguinpablo
Thank you for this report
You saved the best for last, the "Atomic Swaps" article was the best part of your post. We think decentralized exchange methods will be one of the big themes of 2018 so long as crypto prices stay high.
From what I understand the SK banning crypto stuff was taken way out of context. The real situation is they are looking to ban anonymous purchases/trades of crypto, not ban crypto buying/selling in general as most people have assumed (jumped to conclusions).
This shouldn't come as a surprise that government WILL be cracking down on anonymous crypto buying/selling, as they want to make sure they can get their cut (taxes) as they see fit (this is starting by targeting the fiat entry points, and will soon expand to targeting "privacy coins" in general).
I strongly doubt a blanket crypto ban in SK is in the cards, but I do expect some regulations to come out that will change the SK banking industries anonymous practices and force the crypto exchanges to better enforce basic KYC rules in the somewhat near future (a trend that is surely going to also take place in other regions of the world in the next few months/years).
Thank you for this report @penguinpablo , it's good news (:
Korea is not China - this is true. In China, the courts have the ability to overturn irrational or illegal actions taken by the state, in Korea, the department of justice is the tax authority and most powerful arm of the state. Those trading inside Korea are well aware of the excessive fees being exacted by 'Justice Dept friendly exchanges', often 3 or four times the norm in other exchanges. I hope along with my friends here, that this plays out in a rational way and fair and rational market principles prevail for once.
That's something that many people don't realise. China is often perceived to be the authoritarian state, but sometimes the supposedly more democratic countries can be surprisingly authoritarian too.
Yes. There is a misconception stemming from a misunderstanding of the Chinese political process. Though a decision is made by the politburo and then central government, that decision (if unsupported) can be 'bogged down' by reluctant implementation or by open challenges at various regional or local levels of government, or by the courts. It allows for rational decisions and the effects are obvious when you see China's rapid progress in a short half decade. The same can't be said about her neighbours who are more controlled by sponsored capital powerhouses. In comparison, some look a lot like organised criminals instead of politicians. South Koreans are challenging this vehemently as you see with very recent protests against decisions, and political ousters. People seem to be taking their voices and doing something with them more and more.
useful information so the cause of the bitcoin price increase by korea?
how do you think about the price of sbd and steem which is getting more and more the price down?
the FUD has caused more damage in the market than expected, the coin market has lost more than $120B in the last one week alone and still much of the market is red
Are you sure about this news..??
The Korean finance minster is against it. it's just some elements want it banned so expect to see more drama but no change
i hope you will post that drama
Thanks for the post man! Great views, great info and great read!
I was actually just reading one of your older posts HERE as I was researching if it was when the China ban came out that Ark hit ATHs last time.
Thanks to you, I can see it was and you actually added the dates in your post!
Great job on creating, sharing and recording such great information for us!
Followed, upvoted and resteemed ;)
And So Ripple Starts to Make Ripples
You missed the most important news of the morning. Ripple is up close to 12% now.
but it has dropped drastically again, back to the red zone
Uh... it is up over 16% in the last hour and almost 10% for the past 24 hours, doesn't matter which index you look at.
waoooww !! what a great news for south koreans and for bitcoins lover <3 i appreciate you how you work on this... i think crypto is a future <3 whats your opinion ??
Good news ......
thanks for sharing.....
alwyes fllowing to you
Nice report. Just checkout your site, I really like the bar view.
Now my shameless plug.
I created my first ever post which I think people will find funny to read. Could some people spread the word :)
I quit my high paid job yesterday to do this so am a bit worried haa.
https://steemit.com/bitcoin/@cryptoadviceltd/quit-my-job-yesterday-my-honest-journey-in-cryptocurrency-the-highs-the-lows
its an informative post...i apricate for your post.
thanks a lot
Good to know, I thought Bitcoin was dead... again 😉
Thanks for sharing!
its perfect time to buy the dip buy buy it all, the market is red
It is the great news for us .I waite for your next post
Thank God and thank you for the report. I was almost panicking with the down trend of BTC and all that FUD.
Don't panic friend crypto market have a great future ahead
Thank you @imgroot (I'm trying the Groot voice on my mind while writing this)
;)
I just was reading this article.
https://www.zerohedge.com/news/2018-01-11/confusion-korea-ministry-finance-refuses-support-cryptocurrency-trading-ban
Whatever is up in kr - they are not all on the same page. This does not worry me a bit. They have too much invested in commerce with it to quit. Now they need to figure it out.
With the atmosphere of fear surrounding the cryptocurrency markets, investors with a long term view may want to accumulate cryptocurrency at bargain prices.
In the words of legendary investor Warren Buffet: "Be fearful when others are greedy. Be greedy when others are fearful."
I'm no expert in crypto currencies and I am actually a newborn in this market and have so much much more to learn. Hearing news about it being banned in a country for someone like me is quite discouraging.
So thank you for sharing and I shall resume studying. 🙂
saw something about nepal today that looked legit. need to investigate a bit further thou.
Definitely FUD. Why would the Justice department comment on cryptocurrency? Isn’t that the job of the Finance department? Crazy news coming from the horse’s arse I would say.
GAZUA ~~~~~~~~!!!
Due to the regulatory rumor of Korea, it is possible to take a moment to rest, but it does not mean people are not interested. I just want to be a rational regulator. Korea is different from China. It is an obvious capitalist market economy that everyone acknowledges. It's a statement from government officials who do not respond to changes in the general market, but it will not stop the encryption currency market.
First the rumors drop the market and then the next week its back in the green
It's time to buy in deep n hold them for green
Thank you very much for sharing this post because you just did not share this post. This post has been written in a nice way by writing everything and I thank you again and again
Things are looking up, for now at least.
Just wanted to let you know I appreciate all the work you do and your research helps a lot of people.
Love BTFD yesssssssssssssssssssssssssssss
Much love and appreciation
Panic makes the market unstable today all strong coins trading low n the panic sell still goinon
Hello Friend i am from Korea and yes you are right Korean is not Banning Bitcoin actuall the Goverment is trying to legalize this crypto currency and they are trying how they can implement the taxes on this crypto currency which will be good for both the government and peopels
SO think positive and do positive
Keep smiling and keep sharing good content like this :)
The time to sell any profit was last week, better to HODL now!
If in doubt, power up.
Boo! Sucks to see Steem down under $5 again.
Thanks for the clarification and the analysis, these lies are made with pure speculative interest
The price volatility over the last weeks for most coins is simply amazing and shows the power of the crypto world! Big damage for investors Or should we say a nice opportunity for further profits in 2018? Time will tell..
https://www.tokens24.com/news/will-cryptocurrency-market-crash-consolidate/
thanks for the post :D
very well said - I only mention Samsung who is diving into blockchain