A few months for cryptocurrencies all over the world have
been a little difficult as there have been a number of speculations regarding
the Digital assets reliability and credibility.
Just like other countries, South Korea was also earlier
conjectural about the usage of virtual currencies in the country. According to
recent improvements, the Financial Supervisory Service (FSS) of South Korea has
declared that the government is ready to accept 'Normal' cryptocurrency
transactions.
The officials further clarified that the entire world is
planning to introduce a regulatory framework to gain a control on digital currencies;
hence, instead of developing strict and strong controls, we should realize the
importance and enable it for Normal transactions.
However, this new statement by FSS official, Mr. Choi,
completely contradicts his earlier stand on designing strict regulations on
cryptocurrencies. Earlier, he even remarked that Bitcoin will lose its bubble
later. So, this new optimistic approach towards cryptocurrencies displays an
opposite viewpoint.
This initiative is helping medium and small-sized exchanges
as the Korean Blockchain Association has imposed a real-name system on
exchanges and thereby ceased the usage of virtual accounts that permit
anonymous digital currency trading. This will encourage security and safety of
the transactions and safeguard the money of the cryptocurrency holders.
The government authorities are also encouraging Banks to work
with Crypto exchanges and make transactions with these crypto exchanges, as
they have sufficient and efficient systems that can freely open virtual
currency real name accounts. This will to an extent solve the problem of small
and medium-sized exchanges that are unable to obtain virtual accounts.
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