Cryptocurreny investment to be in real name as of today…Speculation ‘soft landing’ to be tested
Kim Dong Wook | east@ | 2018-01-30 10:53:47
Cryptocurrency real name system` to be implemented as of January 30
The process of confirming the blindness of virtual money investors, estimated at 3 million, will begin on January 30. In the financial authorities and banknotes, the conversion of the real name system is expected to eliminate the `Kimchi premium` of virtual currency trading, which has raised national interest due to the controversy over speculation.
According to the 29-day banking system, six real-name banks and a virtual currency exchange center will start full-fledged real-name transactions for virtual currency trading starting on January 30. Accordingly, it is expected that the virtual money market will have a soft landing trend.
Immediately, if users do not have the same bank account as the virtual currency exchange due to the real-name conversion, virtual currency trading becomes impossible. The corporation, Shinhan Bank and Nonghyup Bank function as the real name verification function to block the contract of issuing the virtual money account or the new virtual money exchange. In particular, foreigners and minors under the Civil Act cannot use the bank account service for confirming the blindness and if the purpose of the financial transaction is not confirmed properly, the bank may refuse to open an account or limit the limit of financial transactions.
The Anti-Money Laundering Guidelines will also be implemented to prevent the virtual money market from becoming a speculative market along with the real-name system. It is expected to block the entry of unsent funds and unauthorized voice funds. To that end, if more than KRW 10 million a day is entered into or withdrawn from the virtual money market from January 30, the bank shall classify it as suspicious money laundering transaction and report the investor`s identity and transaction details to the financial information analyst (FIU) do. Besides, three commercial banks will selectively transfer their real names to existing virtual accounts for the time being in line with the anti-money laundering guidelines.
It is estimated that the real-name system, which is first attempted by financial authorities and financial institutions, will be a turning point for the start of `joke screening` in the virtual money market,
A financial sector specialist said, "The conversion of the real-name system will be the first step to making the virtual money market, which had been transformed into a negative and speculative market in the past, gradually becoming more transparent," he said.
It is believed that the overheating of the virtual money market will be resolved and the market will become a watershed for soft landing with this measure in the market.
A bank representative, who is preparing to change his name, said, "Socially, there is a problem with virtual money, and banks are likely to decide the stability of the exchange or the signals of the financial committee to make decisions."
Meanwhile, an official at the virtual currency exchange also said, "The real name conversion is seen as the first entry barrier presented by the government." "There have been hacking accidents and the coin price has dropped a lot.
By Kim Dong Wook east@
[ copyright ⓒ The Digitaltimes ]
The process of confirming the blindness of virtual money investors, estimated at 3 million, will begin on January 30. In the financial authorities and banknotes, the conversion of the real name system is expected to eliminate the `Kimchi premium` of virtual currency trading, which has raised national interest due to the controversy over speculation.
According to the 29-day banking system, six real-name banks and a virtual currency exchange center will start full-fledged real-name transactions for virtual currency trading starting on January 30. Accordingly, it is expected that the virtual money market will have a soft landing trend.
Immediately, if users do not have the same bank account as the virtual currency exchange due to the real-name conversion, virtual currency trading becomes impossible. The corporation, Shinhan Bank and Nonghyup Bank function as the real name verification function to block the contract of issuing the virtual money account or the new virtual money exchange. In particular, foreigners and minors under the Civil Act cannot use the bank account service for confirming the blindness and if the purpose of the financial transaction is not confirmed properly, the bank may refuse to open an account or limit the limit of financial transactions.
The Anti-Money Laundering Guidelines will also be implemented to prevent the virtual money market from becoming a speculative market along with the real-name system. It is expected to block the entry of unsent funds and unauthorized voice funds. To that end, if more than KRW 10 million a day is entered into or withdrawn from the virtual money market from January 30, the bank shall classify it as suspicious money laundering transaction and report the investor`s identity and transaction details to the financial information analyst (FIU) do. Besides, three commercial banks will selectively transfer their real names to existing virtual accounts for the time being in line with the anti-money laundering guidelines.
It is estimated that the real-name system, which is first attempted by financial authorities and financial institutions, will be a turning point for the start of `joke screening` in the virtual money market,
A financial sector specialist said, "The conversion of the real-name system will be the first step to making the virtual money market, which had been transformed into a negative and speculative market in the past, gradually becoming more transparent," he said.
It is believed that the overheating of the virtual money market will be resolved and the market will become a watershed for soft landing with this measure in the market.
A bank representative, who is preparing to change his name, said, "Socially, there is a problem with virtual money, and banks are likely to decide the stability of the exchange or the signals of the financial committee to make decisions."
Meanwhile, an official at the virtual currency exchange also said, "The real name conversion is seen as the first entry barrier presented by the government." "There have been hacking accidents and the coin price has dropped a lot.
By Kim Dong Wook east@