Anonymous transactions in South Korea are banned!

The South Korean government has announced that will ban anonymous crypto currency transactions this week. At the same time, the Southeast Asian government is warning that Bitcoin bubble will burst. Crypto critical attitude of South Korea is exacerbated by a new one. Since last year, the government has tried to steer the crypto-boom in order to curb the exploding user activity.

The South Korean legislators have looked closely and want to continue to turn on the regulative screws. After the country’s government announced in December that it wanted to keep minors from using crypto currencies about future registration obligations, it is confirming this course this week.

According to the South Korean news agency in Yonhap, Hong Nam-Ki, the country’s policy-coordinator, announced after a cabinet consultation on Thursday, Dec. 28, to ban domestic anonymous crypto transactions.

The government can not let the “abnormal situation of speculation continue unhindered,” Hong said.

In the future, all domestic transactions, account withdrawal and account deposits should only be possible with registered identity-verified user accounts.

Although a corresponding bill is not yet available at this time, possible regulations are currently conceivable. For example, the law might require financial providers to insist on know-your-customer policies. In such a case, for example, users of crypto currencies would have to identify and register with banks and stock exchanges as described by Hong before doing their business.

Shortly before Hong’s statements, Governor Choe Heung-Sik, who is responsible for FSS’s local financial regulator, expressed similar criticism about crypto currencies. He warned journalists about near end of Bitcoin on Thursday.

In the future, all domestic transactions, account withdrawal and account deposits should only be possible with registered identity-verified user accounts.

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Although a corresponding bill is not yet available at this time, possible regulations are currently conceivable. For example, the law might require financial providers to insist on know-your-customer policies. In such a case, for example, users of crypto currencies would have to identify and register with banks and stock exchanges as described by Hong before doing their business.

Shortly before Hong’s statements, Governor Choe Heung-Sik, who is responsible for FSS’s local financial regulator, expressed similar criticism about crypto currencies. He warned journalists about a near end of Bitcoin on Thursday.

“I bet the Bitcoin bubble will burst,”

This is the opinion of the former university professor and current FSS director.

These sounds are not new from the ranks of the South Korean government. Rather, this has been driving for weeks an increasingly intense course of containment against crypto currencies.

While their popularity is flourishing as an alternative means of payment, and has arrived in the mainstream like no other country, the South Korean government surrounding Prime Minister Lee Nak-Yeon is decidedly critical.

So she had announced in mid-December, to curb the public enthusiasm. Appropriate measures, in addition to the abovementioned crypto ban on minors, should be the taxation of investment returns. Likewise, the government had already cracked down on the ban on ICOs and is currently planning a ban on crypto derivatives, as they are currently establishing on the American stock exchanges.

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