Bitcoin prices plummeted following the news that the South Korean government is planning to ban all cryptocurrency trading over concerns that the recent surge in investments which it equates to gambling could lead to a surge in crime. In addition to announcing that cryptocurrency trading could soon be banned, the country's police and tax authorities raided several of the nation's largest exchanges on charges of tax evasion. South Korea is following in the footsteps of China, Vietnam and other countries that have banned exchanges at a time when global demand for cryptocurrency has never been higher. During a press conference on the potential ban, Justice minister Park Sang-ki revealed that the government is currently working on a bill to ban the trading of all virtual currencies on South Korea's domestic exchanges, saying: “There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading … [Read more...] about South Korea could be the next country to ban cryptocurrency trading
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Some nations have their own drinks, some stand out with their local customs, but South Korea might be the first one taking pride not only in its kimchi and K-POP, but a government sponsored mobile OS, rivaling Google’s Android platform and Apple’s iOS. The nation houses tech giants Samsung and LG, which will drive development of the new operating system. The project is expected to kick off by the end of the year."We will forge ahead in developing a new kind of operating system, which is being seen as a next-generation product, in order to build the kind of advantage we do not enjoy in the market for smartphones and tablet PCs, which is dominated by Google and Apple," Kim Jae-hong, deputy minister at the Ministry of Knowledge Economy announced at a press conference.He also clarified that Google’s Motorola deal may protect Android in the short term, but he also worriedly mentioned that in the long term the search behemoth might enter the smartphone business. He admitted … [Read more...] about South Korea to develop its own… smartphone OS, aims to rival iOS, Android
SOUTH KOREA has announced that it will ban anonymous cryptocurrency trading from 30 January. We knew this was coming, with government officials in South Korea confirming earlier this month that they were planning a crypto crackdown due to concerns that exchanges are being used for money laundering and tax evasion. The new rules mean that traders in South Korea will be required to identify themselves with their real names to make deposits into virtual coin wallets, and have those details matched with information at local banks, Kim Yong-beom, vice chairman of the Financial Services Commission (FSC) told a news conference in Seoul. From 30 January, South Korea will also ban foreigners without local bank accounts and children under 19 from buying Bitcoin. One local Bitcoin investor told Reuters: "Everyone knew this was coming, as the government already said they will enforce the real-name system before. Rather, I can see this as a … [Read more...] about Bitcoin crashes as South Korea confirms crackdown on anonymous crypto trading
We reported two days ago that the Samsung Galaxy S8 beat the Note 7 pre-order records in South Korea, amassing a total of 550,000 units in the first two days its pre-orders were open. And while sales have naturally slowed down, they're still going pretty strong.According to The Korea Herald, pre-orders for the Galaxy S8 and Galaxy S8+ have now passed 700,000 units.“The Galaxy S8 and Galaxy S8+ reached 728,000 units, as of Wednesday, in Korea. We are aiming to sell 1 million units before officially launching the smartphone,” said DJ Koh, head of Samsung's mobile business, at a media conference at its Seocho office building in Seoul.When asked about pre-orders in the US Koh said, “Although we are not able to disclose the exact figure, pre-orders of the Galaxy S8 are higher than those of its predecessor, Galaxy S7, in the US.”In order to boost sales further, Samsung has employed a rather aggressive marketing strategy, and it seems that it's paying off. However, Koh … [Read more...] about Samsung sold 100,000 more Galaxy S8 units in just two days in South Korea
According to a report published today by Bloomberg, two-years ago an unnamed Apple executive spoke with his counterpart at Samsung in an attempt to get anti-trust regulators in South Korea to put more pressure on Qualcomm. Apple is seeking to lower the royalty payments it makes for the use of certain Qualcomm patents. The chipmaker also has failed to pay Apple nearly $1 billion in royalty rebates that it reportedly owes the company. Apple claims that this was done in retaliation for its involvement in Qualcomm's Korean anti-trust issues, and filed a lawsuit against the San Diego based firm. That kicked off a series of suits filed globally between Apple and Qualcomm. Also, contract manufacturers that assemble the iPhone and iPad like Compal Electronics Inc., Foxconn Technology Group, Pegatron Corp. and Wistron Corp. stopped making royalty payments to Qualcomm at Apple's request. That resulted in a lawsuit filed by Qualcomm against those companies.Qualcomm has been accused of not … [Read more...] about Apple executive pressured Samsung to turn up the legal heat against Qualcomm in South Korea?