Hi all,
The president of the financial authority and the regulatory agency in South Korea has now confirmed that the government will support digital currency platforms while encouraging banks to facilitate transactions on trading platforms, Leading to the killing of any fears of the ban.
In remarks worth mentioning today, South Korea's chief financial inspector Choi Hyung-sik said the government would support the digital currency industry for development in the country , Specifically, the official said the government would support "normal transactions" of digital currencies, as three weeks had passed since the government moved to limit anonymous trading in digital currency markets in late January.
According to the " Yonhap " publication, Choi told representatives of the digital currency platforms at a recent meeting, The government will support the circulation of digital currencies if normal transactions are made ,suggesting that government will encourage the growth of the industry under the transparency - Know Your Customer Procedures -(KYC).
Korean regulators have been using the real-name trading system since January 30, as traders, currency traders and investors are required to use their real names when setting up digital currency or portfolios and bank accounts, a move to stop anonymous currency trading. While anonymous account holders can continue to buy or sell digital currencies using their holdings via default accounts, any new digital currency purchases or paper currency withdrawals will require compliance with the new KYC rules.
Although a number of major banks have begun issuing new virtual bank accounts for digital currency traders as part of the real name trading system, many local banks are reluctant to follow suit as the government intervenes last month. To address the situation, Choi revealed that the government would "encourage" banks to establish relationships as well as participate in transactions with digital currency platforms. Choi's remarks today add more striking shifts in the prohibition of digital currency platforms proposed by the Korean Ministry of Justice. Instead, it is reported that South Korea is considering its own approval system for licensing of digital trading platforms operating through regulations and guidelines.
Certainly better news than banning it. But I still hope the governments around the world will not interfere with cryptos in the future.