Six banks, including the Nonghyup, the corporation, the National Assembly, Shinhan, and the Gwangju Bank, will start depositing and withdrawing virtual money under the real name from the 30th of this month. However, even if the real name conversion system is fully implemented, issuance of new virtual accounts for virtual currency transactions will be blocked for the time being.

According to the Financial Supervisory Commission (FSC) and Bank of Korea on January 21, six commercial banks that have supported virtual currency transactions will establish a deposit and withdrawal system to convert the virtual money real name system and provide full-fledged services from January 30.

For this purpose, these six banks introduced a computerized system that verifies whether the deposit account and the virtual account are identical at the time of the virtual account deposit, and a procedure for notifying the transaction interruption when the virtual money handling service provider does not provide the user information did.

Once the deposit / withdrawal service is introduced, deposit and withdrawal is permitted only to the real account of the trader and the same bank account of the virtual currency exchange. In this process, as the identity of the trader is revealed, it is expected to block illegal funds from money laundering as well as to filter out juveniles for whom virtual money investment is prohibited.

Besides, tax authorities such as the Internal Revenue Service (IRS) will create basic data for imposing a virtual money transaction tax, and additional measures such as setting a transaction limit per person will be possible in the future.

However, the blind deposit / withdrawal service is targeted at existing virtual account users, and the opening of new accounts will be suspended for the time being.

It seems that the new investors will be dragged into the regime through the real name conversion and the new entry will be blocked for the time being to resolve the speculative breeze.

It also reflects the criticism that banks are taking fees from virtual money investors.

Commercial banks receive a fee of KRW 200 to KRW 300 per transaction from the exchange instead of providing a virtual account to a virtual currency exchange.

Recently, the finance minister has warned that "there is an increasing concern that banks that should act as gatekeepers to prevent the circulation of crime and illegal funds are encouraging and encouraging them."

In the market, even if real-name system is fully implemented, it is not expected that sudden virtual money transaction will increase rapidly. A senior official of IBK said, "Since new accounts are not allowed even if a real name change starts, transactions in virtual currencies may remain at current levels or may decrease slightly."

"I think that the new entry into virtual money investment will be difficult right now," said an official of the virtual currency exchange office. "I think it will open up a new account after bundling government measures such as the taxation system and anti- said.

The financial authorities will allow exceptions to those who have traded virtual currency through a virtual account when they are asked to confirm their real name in order to maximize the efficiency of the blind deposit and withdrawal system. It is a measure to attract as many virtual money investors as possible into the blindness verification system.


By Kim Dong-wook east@


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