New transaction blocked & price down…follower trade centers in crisis
Kim Dong Wook | east@ | 2018-02-07 11:14:31
The Financial Services Commission (FSC) has revealed that it has announced the real name policy of virtual currency (cryptographic currency and virtual currency) transactions for over a week, but the real name conversion rate has not exceeded 10%. Minors and foreigners were cut off from the virtual money market and the international market plunged and investors turned to visibility. Especially after the conversion of the real name system, the opening of a new virtual money account is blocked, and besides the existing exchange, the late exchanges are in danger of being withdrawn from the market.
IBK Industrial Bank of Korea, NH Nonghyup Bank, Shinhan Bank and other companies have conducted the conversion of the virtual money real name from January 30, but the real name conversion rate is not even 10%, according to the financial news on February 6.
Currently, three banks offering virtual currency real-name service have a total of 1,745,000 accounts that need to be converted to real-name accounts, but only 14,333 accounts (8.21%) have been converted to real names by February 4. 1.6 million have not confirmed their real names of the existing virtual currency trading accounts. Looking at banks and exchanges, up to a total of 570,000 accounts with IBK, 71,000 accounts confirmed their real names and the conversion rate was the highest at 12.46%. Shinhan Bank and Cobitt switched their names to 12,200 out of 12,200 accounts (9.84%), while the Nonghyup Bank`s coin won only 13,000 out of 150,000 (8.67 %). Besides, the Nonghyup Bank and Bitsum confirmed that only 47,000 of the 900,000 accounts were blind, with a conversion rate of only 5.22 %.
In the market, the fact that blindness is so slow is that virtual and minor markets such as juveniles, foreigners and investors who cannot prove their income are virtually exited. At the same time, the recent decline in the international prices of major virtual money such as Bitcoin and Altcoin seems to have contributed to the deterioration of the investment incentives of investors.
In particular, on the last day, the global virtual money market plummeted, and KRW 102 trillion evaporated at one time based on market capitalization. As the virtual money market continues to plummet, analysts are convincing that analysts are delaying the conversion of real names because the reasons investors have invested in new funds have disappeared.
Some analysts say that some of the accounts that have not verified their real names will have many accounts linked to crimes such as tax portals and money laundering. You cannot put new money into the exchange for the virtual money investment until the real name change by the account that refuses the real name conversion.
However, even if you do not convert your real name, you can withdraw your virtual currency at any time, or you can use it as an investment if you have the money you have already put in.
After the real-name transition, virtual currency exchanges that have not received a virtual account since they are virtually blocked from issuing a virtual account are in direct hit.
Coin Pia, a virtual currency exchange, stopped trading on February 6 as revealed on its homepage at the end of last month. Coinpia has said that it will stop all transactions from the day if it cannot trade virtual currency with the KRW.
The rest of the exchanges also feel frustrated by their desire for "good things" on the banking system. Another exchange official said, "As of now, there are no active banks to issue virtual accounts."
Virtual currency trading since the real name system was implemented on January 30, virtual currency exchanges that received virtual accounts from banks are only four, namely U-bit, Bitsum, Coin, and Cobit. The rest of the exchanges are not using the virtual accounts because they are not able to deposit in Korean won or they are receiving funds from investors using corporate accounts.
Financial institutions say they are not blocking new accounts from checking for blindness, but banks have stopped issuing new shares to all exchanges except for four exchanges.
Korea Block Chain Association, which is an exchange group, also does not have any sharp measures. Currently, the autonomous regulation of the association is preparing measures to include anti-money laundering obligations of the exchange.
A representative from the Financial Ministry said, "The virtual money market seems to be turning into a turning point after the real-name transition," he said. "If the virtual money is adopted as an official agenda at the G20 Finance Ministers` Meeting in March (19-20)” he stated.
By Kim Dong Wook east@
[ copyright ⓒ The Digitaltimes ]
IBK Industrial Bank of Korea, NH Nonghyup Bank, Shinhan Bank and other companies have conducted the conversion of the virtual money real name from January 30, but the real name conversion rate is not even 10%, according to the financial news on February 6.
Currently, three banks offering virtual currency real-name service have a total of 1,745,000 accounts that need to be converted to real-name accounts, but only 14,333 accounts (8.21%) have been converted to real names by February 4. 1.6 million have not confirmed their real names of the existing virtual currency trading accounts. Looking at banks and exchanges, up to a total of 570,000 accounts with IBK, 71,000 accounts confirmed their real names and the conversion rate was the highest at 12.46%. Shinhan Bank and Cobitt switched their names to 12,200 out of 12,200 accounts (9.84%), while the Nonghyup Bank`s coin won only 13,000 out of 150,000 (8.67 %). Besides, the Nonghyup Bank and Bitsum confirmed that only 47,000 of the 900,000 accounts were blind, with a conversion rate of only 5.22 %.
In the market, the fact that blindness is so slow is that virtual and minor markets such as juveniles, foreigners and investors who cannot prove their income are virtually exited. At the same time, the recent decline in the international prices of major virtual money such as Bitcoin and Altcoin seems to have contributed to the deterioration of the investment incentives of investors.
In particular, on the last day, the global virtual money market plummeted, and KRW 102 trillion evaporated at one time based on market capitalization. As the virtual money market continues to plummet, analysts are convincing that analysts are delaying the conversion of real names because the reasons investors have invested in new funds have disappeared.
Some analysts say that some of the accounts that have not verified their real names will have many accounts linked to crimes such as tax portals and money laundering. You cannot put new money into the exchange for the virtual money investment until the real name change by the account that refuses the real name conversion.
However, even if you do not convert your real name, you can withdraw your virtual currency at any time, or you can use it as an investment if you have the money you have already put in.
After the real-name transition, virtual currency exchanges that have not received a virtual account since they are virtually blocked from issuing a virtual account are in direct hit.
Coin Pia, a virtual currency exchange, stopped trading on February 6 as revealed on its homepage at the end of last month. Coinpia has said that it will stop all transactions from the day if it cannot trade virtual currency with the KRW.
The rest of the exchanges also feel frustrated by their desire for "good things" on the banking system. Another exchange official said, "As of now, there are no active banks to issue virtual accounts."
Virtual currency trading since the real name system was implemented on January 30, virtual currency exchanges that received virtual accounts from banks are only four, namely U-bit, Bitsum, Coin, and Cobit. The rest of the exchanges are not using the virtual accounts because they are not able to deposit in Korean won or they are receiving funds from investors using corporate accounts.
Financial institutions say they are not blocking new accounts from checking for blindness, but banks have stopped issuing new shares to all exchanges except for four exchanges.
Korea Block Chain Association, which is an exchange group, also does not have any sharp measures. Currently, the autonomous regulation of the association is preparing measures to include anti-money laundering obligations of the exchange.
A representative from the Financial Ministry said, "The virtual money market seems to be turning into a turning point after the real-name transition," he said. "If the virtual money is adopted as an official agenda at the G20 Finance Ministers` Meeting in March (19-20)” he stated.
By Kim Dong Wook east@