Maximum one month virtual money issuance to be banned
Kim Dong-wook | east@ | 2018-01-02 10:35:46
Financial institutions have banned the issuance of new virtual accounts, which are the basis for virtual currency transactions.
It is expected to take up to one month for commercial banks to establish a blind deposit / withdrawal system for each company`s network.
According to the financial authority, the Financial Services Commission decided to suspend the issuance of a new virtual account for the virtual money handling business on December 28, when the Financial Supervisory Service and officials from the bank attended. It is also required to prohibit the provision of virtual accounts for new members of existing virtual account handling companies.
A virtual account must be used to trade virtual currencies in the current system. Aborting a new virtual account means stopping a new transaction.
A virtual account is a child account of a corporate account that is used by a company that requires a large amount of money to collect or transfer money to identify an individual customer transaction.
Meanwhile, issuance of individual virtual accounts and there are many indications that it is a hotbed of indiscreet transactions because there is no procedure for checking the real names because the management is not a bank.
The financial authorities have decided to use the "blind deposit and withdrawal service" for those who first trade virtual money in the future. This service is a method in which only the account of the trader and the same bank account of the virtual money handling service provider are allowed to deposit and withdraw money.
Financial authorities believe that if banks are short on introducing the system, it will take one to two weeks and a long month. It is necessary to derive unified subcriteria of the banknote, and there is time to physically transfer this standard to the computer system.
The authorities have decided to launch the Task Force (TF), which will involve the financial sector, the Financial Supervisory Service (FSS), and commercial banks, earlier this month to speed up the introduction of the blind deposit / withdrawal service. The banking industry expects the banking system to be fully operational around the 20th.
Meanwhile, the movement against the high intensity regulation of the virtual currency is expanding. One lawyer filed a constitutional complaint with the Constitutional Court, saying that the special measures for eradicating virtual currency speculation, such as suspension of the issuance of new virtual accounts and the closure of the real name system and the unhealthy exchange, infringed on the right of property and happiness pursuant to the constitution.
The virtual money market, which has been fluctuating around the end of the year due to the government`s high-intensity measures, is stabilizing again in the new year. According to BISSUMM, the market for virtual money market BISSUMM on 1 st, the market cap of 1 on 1 st bit coin is settling down to KRW 19 million, rises again, ripple and etherium are rising while maintaining KRW 2700 and KRW 10400 respectively .
By Kim Dong-wook east@dt.co.kr
[ copyright ⓒ The Digitaltimes ]
It is expected to take up to one month for commercial banks to establish a blind deposit / withdrawal system for each company`s network.
According to the financial authority, the Financial Services Commission decided to suspend the issuance of a new virtual account for the virtual money handling business on December 28, when the Financial Supervisory Service and officials from the bank attended. It is also required to prohibit the provision of virtual accounts for new members of existing virtual account handling companies.
A virtual account must be used to trade virtual currencies in the current system. Aborting a new virtual account means stopping a new transaction.
A virtual account is a child account of a corporate account that is used by a company that requires a large amount of money to collect or transfer money to identify an individual customer transaction.
Meanwhile, issuance of individual virtual accounts and there are many indications that it is a hotbed of indiscreet transactions because there is no procedure for checking the real names because the management is not a bank.
The financial authorities have decided to use the "blind deposit and withdrawal service" for those who first trade virtual money in the future. This service is a method in which only the account of the trader and the same bank account of the virtual money handling service provider are allowed to deposit and withdraw money.
Financial authorities believe that if banks are short on introducing the system, it will take one to two weeks and a long month. It is necessary to derive unified subcriteria of the banknote, and there is time to physically transfer this standard to the computer system.
The authorities have decided to launch the Task Force (TF), which will involve the financial sector, the Financial Supervisory Service (FSS), and commercial banks, earlier this month to speed up the introduction of the blind deposit / withdrawal service. The banking industry expects the banking system to be fully operational around the 20th.
Meanwhile, the movement against the high intensity regulation of the virtual currency is expanding. One lawyer filed a constitutional complaint with the Constitutional Court, saying that the special measures for eradicating virtual currency speculation, such as suspension of the issuance of new virtual accounts and the closure of the real name system and the unhealthy exchange, infringed on the right of property and happiness pursuant to the constitution.
The virtual money market, which has been fluctuating around the end of the year due to the government`s high-intensity measures, is stabilizing again in the new year. According to BISSUMM, the market for virtual money market BISSUMM on 1 st, the market cap of 1 on 1 st bit coin is settling down to KRW 19 million, rises again, ripple and etherium are rising while maintaining KRW 2700 and KRW 10400 respectively .
By Kim Dong-wook east@dt.co.kr