South Korea has banned the anonymous cryptocurrency trades.
South korea is the third biggest market for bitcoin trades. First two are Japan and USA.
The reason why South Korea has banned the cryptocurrency transactions, is the number of crimes that are been increasing in the south korea. Crimes such as "Money Laundering". So, to make country work on certain financial rules they are banning the cryptocurrency trades that are made through anonymous bank accounts.
Now, this may result into certain drop in the price of different cryptocurrencies because, as said above South Korea is the third biggest in crypto trades. That's the reason why, bitcoin has dropped so much. But it has the big advantages -- there would be less number of crimes , no more anonymous bank accounts and no more anonymous wallets for the trades of Cryptocurrencies.
Ban all the coins! That’ll teach em..! Not.
yeah, right. Rules should be followed!
South Korea's financial watchdog has set a date for the introduction of a new rule outlawing anonymous virtual cryptocurrency trading accounts. "South Korea Announces Date for Ban on Anonymous Crypto Trading" http://ift.tt/2E1N3PX #Bitcoin #crypto
Such issues are very dangerous for cryptocurrency future.
They banned due to just money landring and other same crimes i think this they banned for some time.I hope the third biggest country welcome the crypto again.
yes, it would. But if not, crypto can survive without it.
Under the new rules, traders with the relevant accounts at their banks and crypto exchanges are able to make deposits and withdraw funds. New anonymous "virtual account" will also be banned under the government program and the requirements for KYC (know-your-customer) in the industry.
This is a Korean crypto mania, which Prime Minister Lee NAK-Yon called her "a pathological phenomenon" in late November.
Date of ban anonymous trade was made by the Korean authorities, a month after the inspection of multiple crypto exchanges, after the break in mid-December, the exchange Youbit in Seoul.
While the Korean government has not banned the cryptocurrency trading, a senior government official confirmed that regulators will "consider" closing crypto exchanges, if necessary, in the future. The proposal to direct ban was first proposed by the Ministry of justice of Korea in early December, although it was assumed that such measures will meet resistance from other legislators.
Well Explained! thanks for sharing this.
I think that this approach makes a lot more sense. Governments obviously would like to know how much people are making if they are conducting their business in crypto. This move will only strengthen the crypto market since other countries now have a template to go off of for the future in crypto regulations.
Probably a really bad sign for privacy coins like Verge though.
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