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February 21, 2018, 12:33:45 PM |
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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 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 who are unable to obtain virtual accounts
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