RE: South Korean Crypto Crackdown / Wikipedia Rival On EOS? / Blockchain.info Now Supports Bitcoin Cash
Well read, but here's a thing. I, as a Korean, am and people who already got their toe's on the cryptocurrency world are no worry about goverment's announcement.
It shows the trade market in Korea should be prepared . when they operate their own trading center.
It's whole different thing between banning cryptocurrency trade and strict regulations to service as a coin market.
Yes, some banks highly affected by goverment gonna close or will not issue bank account for coin market but still there's a way. '농협' , which is a bank name, still providing their service and maybe their offensive marketing 농협 may get a primal position of coin market's bank account(which means their income gonna dramaticly increase)
so it's the end. just read this last words.
what I'm saying is, government's announcement shows that they will focus on the quality of trade center not banning people's trading.
*my opinion.
Good for Nong Hyup! If what you say is true then good for the people.
i see it differently. i'm korean myself and koreans don't really have their toes in the cryptocurrency. it's mostly bitcoin speculation and most of us don't even know what an ICO is. Bitcoin itself is heavily regulated and you can't trade anything in korea without giving up a huge chunk of your privacy (including your job, id, phone number, address, and the entire list of your family members). the bank you're talking about may have subtle differences but it's under the control of the same government that will ban everything that is decentralized.
why do you believe Koreans do have to giving up private information to trade their cryptocurrency? I don't get it. and what on Earth, do you saying BTC in heavily regulated right now????
There are no regulations. so that's why GOV says it's dangerous. Because they can't touch anything about it.
hello my fellow korean 안녕하세요 :)
nobody controls bitcoin (actually i'm not even 100% sure about this, but theoretically no single entity can control bitcoin)
having said that controlling your local exchanges is very easy. i trade myself so chances are if you're trading in korea you probably won't even have your own private key. unless you personally stash your bitcoin in an anonymous place.
if one day the government decides to crackdown on the exchanges (a very bad place to save your money) you won't be able to convert your coins into anything. you also have a heavy restriction in how much cash you can convert into krw or usd and the banks will track your every move.
i might be wrong here but who gave the government the rights to decide which coin is dangerous and which is not? people lose money all the time. let them lose it. it's part of the game.