Korean FUD - Reposting an article I translated because it is relevant again

Translator's note: Since the article is partly translated from Korean to Japanese and then to English, and other parts from Japanese to English some parts might have been lost in translation. Please understand~

Note 2: How or why people fall for these fake news is kinda beyond me. If you paid attention in the last month you should already know it is just FUD!

Original author: Mana / @crypto1000 / https://bitcoiner.link/

Translator: /u/kesh4n/

A bubbling virtual currency market talks about Korean ban, is it a hoax? Trying to track information in chronological order

New entrants are flooding into the Japanese virtual currency market.

An altcoin bubble is occurring mainly on coincheck coins, I think that the bubble will continue until around January 2018 ...

It was expected that some kind of regulation will be set up in the virtual currency trading in Korea, but this news on the story are saying it is a hoax. How does it go?

Virtual currency Korea ban rumor
So, I will follow the news site about how this Korean ban talk happened.

Ministry of Justice, discussing concerns, proposes virtual dollar regulation
First, from Korean news site NEWSIS, December 8, 2017.

[Seoul = Newsis] Kim Hyung-soop reporter = Recently it was confirmed that the government is in consultation with related ministries and agencies in order to suppress the side effects of virtual currency transactions such as Bitcoins which are emerging as social issues on August 8.

The Ministry of Justice said on this day, "We are closely talking about the importance of virtual currency trading with related ministries and agencies, and countermeasures against this."

The Ministry of Justice does not disclose the details, but eyes at whether strong regulatory policies are required.

The virtual currency gambling speculation behavior is already at a serious level, and various crimes using virtual currency such as financial fraud are increasing.

The government has already clarified the fundamental position that the government does not secure value appropriateness, not money or financial products of virtual currency.

The concern of the side effects of virtual currency is not limited to domestic trading.

According to the Bloomberg News on this day, the central bank in Indonesia is concerned about the use of virtual currencies and Fintech companies and worries about a crash, and decided to ban it next year.

Pentec official in Indonesia Bank said at a news conference this day, "The central bank's investigation found that virtual currency trading was very unstable, there were no standards and there were no guarantors," "No one supervises Bitcoin, no one is responsible for it, it is very risky and can disappear entirely," he said.

An official of the Ministry of Justice said, "Some rumors such as suspension of trading is not a fact," he said, "concrete policy has yet to be decided."

via: NEWSIS

"The virtual currency's gambling speculation behavior is already at a serious level, and various crimes using virtual currency such as financial fraud are increasing."

↑ Now that the Korean market is overheated. It seems that it is very exciting because the profit on sales is hardly taxed.

The story looks like it is reasonable.

Bitcion exchange Bithumb says that the "right" kind of Korean regulation will boost the market
Next, I will extract and translate from the article on Reuters news website and quote it.

First of all, the article of December 12, 2017.

BTC Korea.Com Co. also told Reuters it will “actively cooperate to build a right set of rules”, which may include steps such as properly identifying its clients by their real names.

After bitcoin prices soared 21 percent in one week last month, Prime Minister Lee Nak-yeon said it was time for the government to take action as “some serious pathological phenomenon” could arise if left unchecked.

The finance minister said on Monday that ministries are in talks to decide whether such trading should be regulated, while the chief of the financial regulator said some Justice Ministry officials are calling for an outright ban on cryptocurrency trading, although nothing has been decided yet in terms of regulating the market.

via: REUTERS

To summarize, "I have to regulate it because it is too dangerous as it is becoming overheated."

South Korea will hold an emergency meeting at Crypto Cross, measures to be expected on Friday

Also Reuters. Article on 13th December 2017.
SEOUL (Reuters) - South Korea said on Wednesday it may tax capital gains from cryptocurrency trading as global regulators worried about a bubble, with Australia’s central bank chief warning of a ‘speculative mania” that has seen the digital asset making rip-roaring gains.

Officials refused to give details, but reveal how global regulators are working like crazy against crypto trading immediately after the start of the world's first Bitcoin futures.

(As bitcoin futures made their world debut on a U.S. stock exchange this week, policy makers have been forced to contend with cryptocurrencies becoming more of a mainstream play and the need to regulate them.)

via: REUTERS

JUST IN: South Korea government has called an emergency meeting on cryptocurrency; to announce regulations on cryptocurrency trading on Friday - central bank official

1:42 - 2017年12月13日
2020件の返信
292292件のリツイート
215いいね215件
Twitter広告の情報とプライバシー

"We will announce some regulations by Friday ."

Since the news came out on Twitter, Bitcoin began to crash.

Bitcoin trading 6 - It is possible to satisfy the conditions. Profits from illegal operations confiscated
The content of regulation obtained by Korean news site Daum was posted as as an independent publication. The authenticity has not yet been confirmed.

The government defines trading of virtual currency such as Bitcoins as similar to Act on Regulation of Similar Reception and prohibits it entirely. However, taking into consideration, that trading of the virtual currencies can be conducted only when the handling company (exchanges) satisfies all the conditions of "six provisions + α" such as deposit deposits and explanation obligations. For the real name confirmation condition, we decided to have a grace period of 6 months.

According to the government's virtual currency regulation on th 11th, the government is dealing with virtual currency trading as a similar reception act, virtual currency storage, management, acquisition, exchange, trading, mediation and intermediation and issuing virtual accounts. It was defined as a currency trading action. In effect, both are the business area of ​​the current exchanges. The government plans to submit the bill to the National Assembly, named "partial revision of legislation of similar laws on similar reception" for legislation.

According to the revised bill, trading in virtual currency are regulated as in the similar reception act. The government plans to include the phrase "Do not trade similar currencies by anyone" in the legal provisions. We will also strengthen penal provisions. If you conduct similar reception acts or trading of similar currency, you will be sentenced to 10 years imprisonment or a fine of 500 million won or less.

Under the current law, the punishment of violating the law was "imprisonment for up to 5 years or less or a fine up to 50 million won". In addition, when we take profits exceeding 500 million won in violation of the law, we have also established a weighted punishment provision of "imprisonment with work for up to 10 years" or "fine not exceeding three times the unfair profit".

If you meet the seven conditions you can conduct trading acts of virtual currencies.

via: http://v.media.daum.net/v/20171212071708895

In other words, it seems that it is OK to continue trading if the conditions regulated by the government, such as identity verification, etc. are satisfied, but since the official announcement of the government did not come out yet, I do not know the truth.

I do not know yet whether this is really a hoax.

Forbes "South Korea" The entire ban on virtual currency is a hoax "financial committee denies"
Finally, "Forbes reported that the topic of concern of the Korean ban so far was a hoax.

In Korea the theory that all virtual currency trading is prohibited has emerged, but it seems there is no need to panic.

Regulators denied this rumor.

The upsurge this time cited quotes from government officials that they are "considering banning virtual currency", receiving reports from local media. In South Korea, Prime Minister Lee Nak-gyu pointed out that the situation in which young people are enthusiastic about the virtual currency is not favorable, he said, "I should look into this issue."

Choi Jong-ku of Korea's Financial Committee (FSC) representative said the authorities are talking about the scope of regulation of virtual currency transactions. Some participating members are worried that excessive regulation may impede the virtual currency and FinTech's innovation, he says. However, Choi stated that it is impossible to realize the trading prohibition of the virtual currency without clear legal basis.

However, the opening of new virtual currency (ICO = Initial Coin Offering) is prohibited in Korea. In the future, it is also considered to introduce measures to obligate exchanges in virtual currencies to prevent users from identifying themselves and using them for money laundering.

Bloomberg reported that "there are no countries that are enthusiastic about Bitcoin as much as South Korea." In Korea, Bitcoins are trading at over 20% higher than other countries.

via: forbes

It seems that some sort of discussion took place, but it does not seem like anything wrong right now.

For details, please hit each source yourself.

In such a virtual currency market, fake news and speculation will flutter and you will not know which are true.

The Bitcoin market is falling due to Korean ban concerns

South Korea ban may occur in virtual currency market? As the news propagated, the Bitcoin market has been led by Korea. Following it, other countries also fell.

If it is definitely definitely a hoax, I think that the market will start to rise again...

By the way, South Korea trades 30% of XRP’s world volume. Bitcoin Cash is 17%. The Korean market is now very exciting.
Even if it is a hoax, it is common for markets to collapse temporarily. If you trade on it, you can make profits as well.

I do not know which is better, but it is dangerous to believe that "Korean ban will happen!" And then sell it without knowing the information that it was "hoax."

It is necessary to be careful not to sell immediately with the news you saw. It is important to follow information on your own.