Search the Community
Showing results for tags 'koreanews'.
Found 1 result
Minimum search term is 4 characters long. Can't find what you want? Click here for the custom google search instead.
Just to clear up the situation in Korea. 1. There was an erroneous post by a newspaper site. There was no article, but rather just a headline. It stated "Breaking News" the gov't will close all crypto exchanges. This was posted by a large, reputable online site. http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&sid1=100&oid=001&aid=0009777618 2. It has since been revealed the reporter misinterpreted the government press release. The government position is that in light of recent scams, ponzi schemes etc... it will consider closing illegal exchanges, or those that don't comply with gov't regulations. The gov't also says it will relax at least one previous restriction. http://opm.go.kr/m/news/news01.jsp?mode=view&article_no=97333 3. The price of currencies dropped rapidly when the headline was first posted. Most of the drop has since recovered but not fully. There is also some uncertainty affecting the complete recovery of the price. 4. There is wild rumor the misleading headline was intentional, that the reporter was working for a "whale" who wanted to create and take advantage of the quick drop and recovery. Others believe it is just a case of poor reporting. In any case, there are some angry people who lost money, and happy people who bought the dip. 5. (old news: the originally proposed government regulations in Korea) Forbes article: South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/#13ad7a521427 Edit: I'm in Seoul and everybody is talking about it right now. Edit 2: A possible reason for the confusion may be the announcement the government will ban anonymous accounts. However, if the name on your bank account matches the name on your account on an exchange, the government will permit this. This should only affect "dirty" money. Edit 3: Speculation. Many people believe the reason for the quickly increasing government interest and planned regulation in Korea, and today's announcement is: A. The government wants to accurately track how money is moving around the crypto space by tracking bank accounts attached to exchange accounts B. The government is doing A. in preparation to tax profits from cryptocurrencies, currently there aren't any taxes. Edit 4: More confusing news Yonhap - the news organization that was responsible for the misleading headline that caused today's dip - has reported, in english, that the Korean government is planning to ban the creation of new accounts at crypto exchanges. However, this isn't consistent with the other information that has been put out. This report seems untrue and seems is an example of poor translation because other materials assert the government wants to link exchange accounts to a real bank account which are both under a single user's real name. What they mean to say is the government is banning the creation of crypto exchange accounts that are NOT linked to your real bank account, under your real name. http://m.yna.co.kr/mob2/en/contents_en.jsp?cid=AEN20171228005651315&site=0200000000&mobile There is so much misinformation right now and confusion on the government end. Everybody in Korea, hold on to your hats because it may start to get confusing.