South Korea Deemed Cryptocurrencies as Dark Coins

[kryptonick 2659]

I don't think this step will help South Korea battle some of the places in the darknet they are aiming for. It will always be possible for them to accept money with another way so the coins as Monero, Zcash and Horizen shouldn't be treated like that. Then again I've read that Europe is also moving to ban end to end encryption. It looks mass surveillance will be the new hype.

[Mike1515 2977]

@glory50 its important that people are able to balance a lot of things and so we need to work and put together strategies that wont harm, your account, so its important you really important to really be sure that we have to work and put together everything in the right position, there is a lot of work to be done in trying to figure out everything that could make many mistakes.

[cryptovlek 2597]

South Korea is getting strict and tried to ban some cryptocurrencies. I think this is wrong because these cryptocurrencies are only used as cash and should be allowed. It is not the fault of these crypto for anything that happened but I understand why they do that. I still think it will not help reduce illegal trade and other things happening on the internet.

[Kudogi 114]

I guess that the black coin is not in the cryptoword currency list so they are trying to control their own invaluable black coin but not the coins in the cryptoword currency list that my opinion

[bogdanoff 3173]

It was unexpected. Thanks for the information, I looked for more and you are right, it seems this is not just the same fud coming from Korea as usual but it is actual effort to ban privacy coins from exchanges in Korea. Here is the link to the news:

 

https://btcmanager.com/south-korean-regulators-crypto-exchanges-privacy-coins/

 

[scofield64 943]

Cryptocurrency cannot be controlled by individuals and we all know that South Korea is a very strict control and their president is young and want to see he controls everything. 

[Khan 1414]

On 11/6/2020 at 6:12 PM, minisrt_black said:

I believe that this is because Korea is a very strict country and it wants to keep control of everything that happens in the country , and as we know the crypt is an anonymous currency, so there will be no control

May be but many claims come into existence that behind the crypto currency there is a Dark Web but still it is not proved as no one knows the reality and aim of the crypto currency.

[malik6314193 5449]

That is bad view of crypto currencies.Due to this mostly countries didn't accept crypto currencies including my own country. I think their should be a mechanism which reduce the money loudering through crypto currencies.

[Izeal 4404]

Those country who have accepted bitcoin and any other cryptocurrencies are facing lots of problem like money laundering, imposing tax so many countries are taking strong rules against them and I think the south korea did for the same reason.

[iloveyobit 6599]

Bitcoin and other digital currencies have become widespread in countries of the world, and people are becoming familiar with the culture and technology of blockchain, this means that any countries that prohibit crypto are the only losers.

[Moaz 7239]

I think that what South Korea did is a first step towards legally recognizing cryptocurrencies and putting in place laws regulations that regulate buying and selling in the crypto market, for fear of using cryptocurrencies in illegal business, which is positive in my opinion, but South Korea not be able to control These are currencies because they are decentralized.

[Husnyjaf 1784]

Well from what I read about it some times back then  they termed cryptocurrencies are dark coin and highlighted the difficulties in tracing the transaction of these digital currencies.  Then it affected some popular privacy coins.

[duncun007 3577]

On 11/11/2020 at 8:08 PM, annayks said:

This is bad for Monero, Zcash and the rest private cryptocurrencies, these were used to create better privacy and many crypto holders used them to hide their wallets for security reasons having to do with scammers and hackers. With this decision it is makes access to these coins harder.

its not bad news for them because they are still in the market and they are still being heavily used as well, i think governments still think they can control crypto, but the funny part is that this has been going for years and these privacy coins still exist.

[SuperCrypto 7193]

I also learned that virtual asset service providers within South Korea will not be able to handle any digital assets due to the fear of high risk of money laundering. These updates have been made as part of the guidelines by law.

[Mella 3680]

This is wrong because the fight is not against something that helps people with online privacy, it should be against those that use this for illegal ways. I am never did any illegal or used the dark internet. There are people that are not bad who use it and there are some very bad too but this is not about the bad people. Privacy is a right for all. We do not need big brother watching us.

[Omar Ommeish 4872]

On 11/6/2020 at 8:44 PM, Maaz sultan said:

This is correct decision its governments duty to make laws to reduce illegal actions on these crypto currencies like money laundering and avoid to pays taxes . I suggest every country need to accepts these crypto currencies but in some limitations like we must verify KYC forum to make any transactions .

Yes, it is a correct decision to fight money laundering that many people make by using cryptocurrencies, and that KYC will make it easy for governments to verify and pursue these people, but this will make many whales move away from dealing in cryptocurrencies because they refuse to prove their identity in the trading platforms.

[pablomarwan 3082]

It is unfortunate news. But the matter in this case has become necessary to do so due to the fact that suspicious operations are developing with cryptocurrencies, especially currencies that do not track them. This is a commitment that will reduce the blackout process. 

[mahdititus16 216]

i think that is tight but i will tell why and you need to knwo why brother , so just listen to me to understand it , Privacy coins are getting delisted from many websites for this reason. They are seen as a method used by criminals and big exchanges started delisting Monero and Zcash. I think that instead there should be a target to the criminals that mostly use the dollar for their transactions and not privacy coins. so i hope i answer to your question so good luck for every buddy here .

[Cryptomint 433]

We know that many people are using the cryptocurrencies for the illegal works just because of this the South Korea is deeming the cryptocurrencies as dark coins

[Syriana 350]

I think that they are precautionary measures and will be taken by any country at the beginning of its dealings with cryptocurrencies as it will not open its entire market to cryptocurrencies, but in the end it will enter the world of cryptography and its currency will become one of the most important currencies in the world of cryptography, but the idea is how to control who carries out money laundering Way of encryption

[tienda 8776]

If the cryptocurrency stay with no traceable transaction, I'm not sure a such country can adopt it at 100%. Days a go I heard many speculations' news about South Korea will adopt cryptocurrency, will create its own cryptocurrency...etc Now we hear other things! Nothing is sure about cryptocurrency regularization.

[Samotokika 1780]

On 11/6/2020 at 5:43 PM, Tine0313 said:

According to a press release statement issued by South Korea’s Financial Services Commission (FSC) last Tuesday, (November 3, 2020) they have decided to ban anonymous digital currencies that possess a high-risk of money laundering where they used "dark coins" to describe these currencies. 

The regulators decided to update the Special Payments Act (covers the legality of cryptocurrencies in the country) to tackle the issues of money laundering that might arise from cryptocurrency. The statement highlighted privacy coins, which it referred to as dark coins, such as Zcash (ZEC) and Monero (XMR). Additional changes include updates to KYC and AML procedures, mandating that exchanges and other providers ask users to link their accounts to their real names through government identity numbers. These changes will be imposed on March 2021, with exchanges asked to offer a report on operations within six months of the law’s institution.

Last September 2019, a South Korean arm of OKEx delisted Zcash, Monero, DASH, Horizen (ZEN), and Super Bitcoin (SBTC) due to the prevalent regulations. UpBit, a South Korean exchange delisted and stopped the trading of several cryptocurrencies due to money laundering concerns and adhering to the Financial Action Task Force (FATF) regulations.

yes there are some people who use black money as their cryptocurrencies and save in it so the money laundering schemes are not very much common but it is not right to say Bitcoin as dark coin because it depends upon the people not the currency.

[ibrahim halil anaç 138]

This attitude of a technological country like South Korea towards crypto money surprised me. But I think that after these developments, many crypto money exchanges will make KYC application mandatory and remove some crypto money from their lists.

[Muhammad zaid 272]

Every government see his own policies so if south korea wants to banned digital currency Then its depends on government of korea i think they think about his banks or any else hope best

[Jromz 2158]

South Korea is taking really seriously the regulation of cryptocurrencies, it seems this is somehow motivated by an intention to fight against criminal activity that relies upon cryptocurrencies. I guess the believe that if they have a fierce control over cryptocurrencies in their country, that may help to prevent delinquents to use these assets for criminal purposes.