South Korea will prohibit trade in crypto-currencies without disclosing the account holder
The authorities of South Korea have tightened the rules of trading crypto-currencies on local exchanges, reports Reuters referring to the statement of the Commission on Financial Services.
Since January 30, traders will be able to buy and sell crypto-currencies only after they identify themselves with the help of a bank account. In this case, the name of the owner of the crypto-currency account must coincide with the name of the owner of the bank account, otherwise the transactions will be prohibited.
Against the background of fears of tightening of trade, the market of crypto currency is experiencing strong fluctuations. On January 17, the bitcoine rate fell below $ 10,000, while other large crypto-currencies also showed a decline. As of 11:00 Moscow time on January 23, the bitcoin rate was $ 10,294, according to Coindesk.
South Korea is one of the world's largest crypto-currency markets, accounting for about 20% of global transactions with bitcoins. Many residents of the country invest a significant part of their savings in crypto-currencies because of the lack of other investment options with high profitability.
Because of the great excitement on local trading floors, the prices for crypto-currencies in South Korea are much higher than the world average. On one of the largest local stock exchanges, Bithumb bitcoin on January 23 is traded at over $ 12,000 per token.
I think the world will accept in the end, as this is on internet and unstoppable !!! For destroying currency you have to destroy internet , which is impossible..... !!!!
And in the end Government will try to regulate it, ultimately accepting it... :)
Thanks
This is finally a good move. The exchanges must be self regulated and capture all the details of Traders like KYC and verifed bank accounts of traders and pay taxes to goverment.