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South Korea Bans Initial Coin Offerings (reuters.com)
An anonymous reader quotes a report from Reuters: South Korea's financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings. The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored. The decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.
"Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well," the regulator said in a statement after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. "Stern penalties" will be issued on financial institutions and any parties involved in issuing of ICOs, the statement added, without elaborating further on the details of those penalties.
"Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well," the regulator said in a statement after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. "Stern penalties" will be issued on financial institutions and any parties involved in issuing of ICOs, the statement added, without elaborating further on the details of those penalties.
Virtual currencies aren't used for anything except criminal activity, shady dealings at best, and should never have existed in the first place. The sooner they're erradicated the better.
Bitcoin and other non-state controlled currencies will wreak havoc on governments ability to tax and otherwise control the movement of money. Bitcoin etc... will become as illegal as illicit drugs... and just as hard to stop.
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Not if we just murder everyone with bitcoin.
Taxes pay for my roads and schools. Regulating currency limits criminal money laundering and limits bubbles.
Also this is less trying to stamp out bitcoin and more trying to regulate a speculative market before it goes out of control and takes advantage of naive investors.
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You're deranged. The boom and bust cycles are caused by the devaluation of currency and leverage through ponzi schemes eg. Bernie Madoff, which the big crypto currencies don't permit. Your taxes pay for wars and bailing out bond holders, and companies deemed too big to fail.
...the more control slips through your fingers.
Decriminalize harmless activities and there wouldn't be a problem.
I think so. And the government could control citizen by tax https://williamreview.com/funn...
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So we're supposed to allow you to do meth then go out and be stupid, and it's perfectly legal? Fuck off and die.
They tightened their grip so much that now they control noth... oh wait, actually they control everything.
Well we allow you to just be stupid so why not?
This isn't an aim to limit or ban crypto-currencies. Seoul legally recognizes Bitcoin as a currency, and despite what the articles say, there has been no noticeable impact. I live just outside of Seoul, and I trade and mine. The changes in market value are no different than any normal day; the reporter was just trying to pad the article to make it longer.
You're right, we should criminalize stupidity.
The fact of the matter is that a lot of these ICOs are going to end being investment scams to bilk gullible investors much like stock scams of the 19th century.
The most popular cryptocurrency currently is BitCoin, but I don't know anyone who uses it in their daily life. Yet that fluctuates wildly in price and is climbing to an absurd degree.
How likely are other cryptocurrencies to gather the same amount of success.
bitcoin IS a fraud ponzi scheme, not a success !
Not if we just murder everyone with bitcoin.
Murder someone with a Bitcoin? It's difficult enough already to do murder someone with a physical coin. I've seen even practicing professional struggle with that. With a BitCoin the best I think that you could hope for is hurt feelings. However, if you're willing to jump on the band-wagon, you could use some BitCoin to obtain the services of a qualified murder.
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Consider, what would you call a system that provided a much larger reward to the first users for considerably less work? Now consider these users only see value by convincing others to join them. Now think about the fact that Satoshi kept ~1-million BTCs.
The entire structure of bitcoin is worse than a Madoff, in that situation only one person knew it was a fraud. Bitcoin's entire structure is based around making people at the top of the pyramid convince people below them BTC is relevant - hence constant articles and PR pumping it up, without actively disclosing their own conflicts of interest.
no, you dumb fuck. the "being stupid" part is where the actual crime comes into play. you know, the part where someone's rights are actually violated. that's called a crime. all your precrime is just a cop out for authoritarian scum not doing their fucking job. government shills like you are disgusting and a danger to everyone..
These "bit coins" are a WASTE of money. If I were to tell you that it would cost $40-$120 to print a single dollar you would be outraged yet no one even blinks when you say Bitcoin or some other waste of energy.
This is one of mankinds Darwinian projects for the ages.