South Korea Latest Country to Enact Cryptocurrency Regulations

[DooKey]

South Korea has decided to jump on the cryptocurrency regulation bandwagon and will no longer allow anonymous cryptocurrency accounts. Also, they will have regulators continually monitoring the exchanges from this point on. Further, new legislation may be put into place that would shut down all exchanges of cryptocurrency in South Korea. South Korea is a big player in the crypto market and sweeping changes like this will probably be felt across the global market.

While interest in cryptocurrencies like bitcoin have surged this year, there's a hefty amount of volatility in the crypto market, which is a risk that the South Korean government is trying to cull with regulation. This month, bitcoin's price hit an all-time high that approached the $20,000 mark after starting the year around $1,000. And along with large price fluctuations, some cryptocurrency exchanges have also been hit with major hacks -- South Korean exchange Youbit filed for bankruptcy after losing $35 million to a hack earlier this month and $72 million in a hack that took place in April.

 

[Rahh]

So that pretty much makes takes away the bulk reason why people wanted to use cryptocurrency in the first place. Anonymity!

 

[Deleted member 93354]

*whistles* Not going to tell you "I told you so." because I don't have to.

 

[oldmanbal]

Good luck with that. Cryptocurrency will continue to serve it's purpose.

 

[Deleted member 93354]

Good luck with that. Cryptocurrency will continue to serve it's purpose.

You don't get it to you? The average person will not be able to exchange crypto currency for any legitimate tender if the government bans banks from providing funds to clearing houses/exchanges.

I could sit on 9000 bitcoins. But if I don't have a way to trade them for something of monetary value I'm screwed.

I guess you could make an argument that a business will take your bitcoins. But they are facing the same dilemma: "How do I turn this into cash to pay my suppliers and workers?"

And countries have no problems banning IP's that promote illegal activity.

Sure you could set up a swiss, or caymen account. But how are you going to get access to those funds easily? And Swiss accounts aren't anonymous like they used to be. The second you try to transfer those funds to your local countries banks, you are screwed.

Crackdowns like this remove it's utility (privacy), ease of access, and usefulness (sompleace to use it without being tracked).

That relegates it to a niche item of the dark web.

 

[triwolf]

You don't get it to you? The average person will not be able to exchange crypto currency for any legitimate tender if the government bans banks from providing funds to clearing houses/exchanges.

I could sit on 9000 bitcoins. But if I don't have a way to trade them for something of monetary value I'm screwed.

I guess you could make an argument that a business will take your bitcoins. But they are facing the same dilemma: "How do I turn this into cash to pay my suppliers and workers?"

And countries have no problems banning IP's that promote illegal activity.

Sure you could set up a swiss, or caymen account. But how are you going to get access to those funds easily? And Swiss accounts aren't anonymous like they used to be. The second you try to transfer those funds to your local countries banks, you are screwed.

Crackdowns like this remove it's utility (privacy), ease of access, and usefulness (sompleace to use it without being tracked).

That relegates it to a niche item of the dark web.

Would you like to be able to do things and no one track you? Would you like privacy in interactions that are no one else's business? Do you like your 4th amendment rights? Being free, at least to a degree in this constant tracked in every way possible world? Having control over your money and able to do with it as you please, without being questioned for any transaction over some arbitrary value like $5K the banks all track and harass you just to buy things you need for your business?

If you say no to all, enjoy the 1984 future you are headed for. Remember don't automatically trust people, and make sure to check what people tell you, because the people in charge are never honest, they do as they please and do not care about you. So without some kind of cash or anonymous coin, you will not like the future, I can assure you.

There are many arguments for legally not wanting business and govt all into your business all day long. The banks all act like you are a slave that has to answer anything they ask you if you want too much of your own money.

 

[Deleted member 93354]

Would you like to be able to do things and no one track you? Would you like privacy in interactions that are no one else's business? Do you like your 4th amendment rights? Being free, at least to a degree in this constant tracked in every way possible world? Having control over your money and able to do with it as you please, without being questioned for any transaction over some arbitrary value like $5K the banks all track and harass you just to buy things you need for your business?

If you say no to all, enjoy the 1984 future you are headed for. Remember don't automatically trust people, and make sure to check what people tell you, because the people in charge are never honest, they do as they please and do not care about you. So without some kind of cash or anonymous coin, you will not like the future, I can assure you.

There are many arguments for legally not wanting business and govt all into your business all day long. The banks all act like you are a slave that has to answer anything they ask you if you want too much of your own money.

Jezue Freakin ....

Look it's not what I want or don't want. It's what the government allows. I don't have a role in this. And I predicted world government would start cracking down on crypto currencies, starting with the most state controlled governments. (ie: China)

SK is likely cracking down on crypto to slow down NK's acquisition of stolen funds.

 

[triwolf]

Jezue Freakin ....

Look it's not what I want or don't want. It's what the government allows. I don't have a role in this. And I predicted world government would start cracking down on crypto currencies, starting with the most state controlled governments. (ie: China)

SK is likely cracking down on crypto to slow down NK's acquisition of stolen funds.

I just want people to know that if it all goes digital, you will be micromanaged to unbelievable proportions. Better fight for cash and anonymous digital currencies. Without it they will have fart meters on you soon. They will likely tax you to oblivion, and tell you it's for your own good. Think. Don't let these people get ultimate control or it will not be a good path.

 

[HockeyJon]

I just want people to know that if it all goes digital, you will be micromanaged to unbelievable proportions. Better fight for cash and anonymous digital currencies. Without it they will have fart meters on you soon. They will likely tax you to oblivion, and tell you it's for your own good. Think. Don't let these people get ultimate control or it will not be a good path.

Yeah, but they can easily neutralize crypto, that's kind of the point. Here's a scenario, say the government declares the only legal tender for paying taxes is their national currency (as is currently the case) and they have regulated all exchanges to the point that it's difficult to exchange crypto. What's the reason for me to own crypto? Everyone has to own a national currency at that point in order to pay taxes and avoid jail time. Why would I want to even bother with the effort of owning crypto? What's the benefit when I need to move to a national currency at the end of the day anyway?