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South Korea Puts an End to all unknown CryptoCurrency Trading Account today. Traders must now open a real-name accounts at the same banks as their exchanges in order to deposit money to trade cryptocurrencies.
The government required that all existing virtual cryptocurrency accounts should convert to a real-name accounts and it has started from today.
Opening cryptocurrency accounts has been banned for weeks while the banks have installed the system, which ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges for deposits and withdrawals.
The implementation of this new account system effectively ends “the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities,” Yonhap reported
So far, Six major banks in South Korea has started to participate in this new system. The banks are:
Industrial Bank of Korea
And more banks are also expected to join this new system soon.
Should this be a welcome development or a hindrance to the crypto world development? Drop your comments below.
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