Cryptocurrency: South Korea To Ban Use Of Anonymous Bank Accounts

Budget Expectations from Blockchain and Cryptocurrency Committee

Budget Expectations from Blockchain and Cryptocurrency Committee

Financial Services Commission Vice Chair Kim Yong-beom told reporters that starting next week, local banks will launch a real-name system for trading of cryptocurrencies to help curb speculation and criminal activities.

Cryptocurrency exchanges make money by charging fees on the purchases and sales of digital currencies via their platforms.

The plan will effectively bar minors and foreigners from cryptocurrency trading in South Korea.

Bitcoin mania swept the world in 2017, with the value of the currency rocketing by more than ten times during the course of the year.

The cryptocurrency markets are facing a major slowdown of late.

Major reason of this sink is South Korea. Everyone from housewives to college students and office workers have rushed to trade the market despite warnings from global policymakers about investing in an asset that lacks broad regulatory oversight.

OKCoin, once China's biggest digital currency exchange since the launch in 2013, will commence business of "OKCoin Korea" in February when South Korea starts running the real-name system for cryptocurrency accounts. You can't just not have electricity, man. At the end of 2017 it sounded like the government meant to shutter crypto exchanges, but new regulations announced Monday suggest that a blanket shutdown is less likely. He added, "The government is examining the matter". People dealing in bitcoin and other virtual currencies have now been sent notices by the tax department to pay tax on the capital gains.

India has already suspended cryptocurrency trading accounts. Cryptocurrency exchanges will be shared with banks; and regulators will ensure that all anonymous transactions are refused. The department learned that $3.5 billion worth of transactions have been conducted over a 17-month period, and is now moving to collect taxes on those transactions.

So while Indian government officials do not like the idea of cryptocurrency, they seem more than willing to try to tax it. Of that, only about US$47 million was taken in the first 7 months of the year, showing the remarkable growth of cryptocurrency towards the end of the year.

The government has yet to give an official answer to the petition with 200k signatures. Seek out a financial advisor and/or do your own homework before making any decisions in the crypto market!

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