Replies to post #20390 on Bitcoin (BTCUSD)

[ap17]

Amazing, Korea and Japan are the top crypto players in Asia, they move the market as we sleep.

[Investors3]

Provincial government in Pakistan plans hydro-powered crypto mining pilot program: report
by Michael McSweeney
March 18, 2021, 9:52AM EDT · 1 min read

Reuters reported Thursday that the government in the Pakistani province of Khyber Pakhtunkhwa is planning to build two cryptocurrency mines as part of a pilot program.

The pilot mines will draw their power from hydroelectric energy sources, according to the report. According to Reuters, the ultimate cost of the initiative is not yet known.

“People have already been approaching us for investment, and we want them to come to Khyber Pakhtunkhwa, earn some money and have the province earn from that as well,” Zia Ullah Bangash, who advises the provincial government, told Reuters.

The advisor later said: "We are hoping to bring this to a government level so things can be controlled and online fraud or other scams can be prevented."

https://www.theblockcrypto.com/linked/98748/pakistan-crypto-mining-report?utm_source=coinbase&utm_medium=rss

[Investors3]

Bitcoin is trading near $66,000 in South Korea as 'Kimchi Premium' returns
by Yogita Khatri
April 5, 2021, 4:25AM EDT · 1 min read

Bitcoin is trading near $66,000 levels in South Korea as "Kimchi Premium" has returned.

Kimchi Premium is the spread between bitcoin's price on South Korean crypto exchanges and Western exchanges.

Bitcoin is currently trading at around $66,200 on Bithumb, according to TradingView. That is whopping about 15% or $9,000 higher than bitcoin's price of around $57,000 on Coinbase.

Ether (ETH) is also trading higher at around $2,350 on Bithumb compared to $2,020 on Coinbase, according to TradingView.

The Kimchi Premium suggests rising demand for bitcoin and ether in South Korea as the cryptocurrency market continues to soar worldwide.

While there is Kimchi Premium, that doesn't mean one can buy bitcoin or ether at a lower price globally and sell it at a higher price in South Korea. That is because Korean crypto exchanges don't accept foreign clients due to local regulations.

Korean citizens also cannot buy cryptocurrencies at lower prices on global exchanges because these exchanges don't support Korean won. Binance and OKEx had local exchanges in Korea, but both shut them down recently.

The Kimchi Premium first appeared in 2016, according to the University of Calgary. Between 2016 and 2018, the Kimchi Premium averaged nearly 4.80% and was as high as almost 55% in January 2018, per the report.

https://www.theblockcrypto.com/linked/100490/bitcoin-btc-price-66000-south-korea-kimchi-premium?utm_source=coinbase&utm_medium=rss

[Investors3]

Korea Teacher's Credit Union is planning to invest in bitcoin
by Tim Copeland
October 25, 2021, 9:55AM EDT · 1 min read

The Korea Teacher's Credit Union, which manages $40 billion in assets, plans to start investing in bitcoin next year, according to The Korea Economic Daily.

The credit union won't be buying bitcoin directly but getting exposure to it via investment products, such as bitcoin ETFs. The plan is to start doing so when the first Korea-based company launches a bitcoin ETF in the first half of 2022.

This will be the first instance of a pension fund in the country investing in bitcoin.

This comes shortly after the first bitcoin ETF was approved in the U.S., with two now live on the market. Currently both of them are based on bitcoin futures, rather than spot trading.

https://www.theblockcrypto.com/linked/121887/korea-teachers-credit-union-is-planning-to-invest-in-bitcoin?

[Investors3]

South Korea Has A New President – And He Likes Crypto
by Jet Encila 8 hours ago
in Bitcoin, Cryptocurrency news Reading Time: 2 mins read

Yoon Suk-Yeol, a conservative presidential contender, has officially been elected as the new president of South Korea.

According to news reports, Yoon of the People Power Party defeated his politically progressive opponent, Lee Jae-Myung, by less than 1%.

In South Korea, cryptocurrency dominated the election discourse, with both candidates launching NFTs connected to their campaigns.

They have acquired popularity among the younger, more crypto-enthusiastic public because of their pro-crypto viewpoints, which contrast with former president Moon Jae-ban In’s stance on bitcoin exchanges.

Bitcoin-Friendly President Of South Korea

Throughout his campaign, Yoon promised to de-regulate the bitcoin market. In January, he declared at a crypto conference that rules “far from reality and absurd” must be revised to “realize the infinite potential of the virtual asset market.”

Yoon has declared a goal to recruit and build cryptocurrency “unicorns,” or startup companies worth $1 billion or more. He also committed to increasing the planned capital gains tax level before it goes into force.

In addition, he suggested that he might revisit a 2017 ban on initial coin offerings (ICOs) and revive the controversial fundraising mechanism.

A corporate entity may utilize ICOs to raise funding by minting and selling cryptocurrencies; however, ICOs are plagued with fraud, with coin issuers disappearing after the transaction is completed, causing a detrimental effect on the blockchain and cryptocurrency in general.

During their annual shareholder meetings, several of South Korea’s major entertainment and gaming firms showed interest in cryptocurrencies, pledging to build non-fungible tokens (NFT) or play-to-earn games.

Proposed Crypto-Market Taxation

Cryptocurrencies and exchanges are not yet recognized as “legal currency and exchanges” in South Korea since they are not subject to a solid regulatory framework.

Because bitcoin is neither cash nor a financial asset in South Korea, cryptocurrency transactions are now tax-free.

As per the Ministry of Strategy and Finance, the South Korean government is contemplating levying a tax on cryptocurrency transactions and intends to implement a taxation framework in 2022.

SoKor’s $46 Billion Crypto Market

In its latest estimate of the nearly $46 billion bitcoin market in South Korea, the Financial Intelligence Unit has presented its findings.

KRW-to-crypto market accounted for barely 27% of the global market, although the global market average is almost 60%.

Cryptocurrency trades in South Korea are worth an average of $9.4 billion per day.

Local crypto investors in their 30s, 40s and 20s make up 31% of the population, according to a recent survey.

No. 16 In The World

South Korea ranks 16th in global cryptocurrency adoption, with nearly 2 million individuals, or 3.8% of its total population of 55.7 million, owning some crypto-asset.

Meanwhile, Yoon has committed to increase the capital gains tax threshold on Bitcoin and other cryptocurrencies from $2,000 to $40,000, establishing one of the most generous tax-free allowances in the world.

https://www.newsbtc.com/news/bitcoin/south-korea-has-a-new-president/