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South Korea has developed Digital currency transaction Security system

release:2018-01-03 17:09:08 publisher:ZERO ONE EXCHANGE

To crack down on anonymous accounts for bitcoin transactions, the South Korean government has developed a security system that is likely to be put into operation before January 20th. This is seen as another important tool for the Korean government to cool the domestic bitcoin trading boom.

According to a report from the South Korean government on Jan . 2 , according to the Korean government ' s request , in the future to encrypt digital currency transactions in South Korea , it is necessary to link the real name account of a bank to the account of the encrypted digital currency trading platform in order to conduct normal business and prohibit investors from opening a new digital currency transaction account .

In addition, the government will allow investors to withdraw funds from the real name account of the encrypted digital currency platform through third-party banks, but will not use third party banks to inject funds into encrypted digital currency platform accounts.

Korean media reported that the South Korean government will also strengthen the management of local trading platforms, prevent illegal criminals from using digital money to launder money, and intensify penalties.

Analysts say the government's move will encourage investors in encrypted digital currencies to use real-name accounts as soon as possible and effectively "cool" the Bitcoin investment boom that has engulfed South Korea.

South Korea, now one of the world's personal Bitcoin trading centers, has an average value of 5.66 million won ($5,260) in digital currencies owned by Korean investors, according to a new study. More than three out of 10 working-class people in South Korea invest in one or more digital currencies. There are also reports that more than 80% of South Koreans who invest in digital currencies make a profit. About 20% earned an average return on investment of 425%.

It can be seen from the folk investment boom, has caused the vigilance of the South Korean government, and to formulate the measures to prevent the encrypted digital currency investment evolved to pose a systemic risk of financial bubbles. According to South Korean media reports, South Korea in December 2017, the Ministry of justice in charge of "Digital currency related organization joint special group (TF)" in the discussion a series of programs including "ban digital currency trading case, >. South Korean President Wen zaiyin also listen to a special report including digital currency trends and strategies, reported that the South Korean government realized the status of digital currency, decide the future will close Note the development of relevant situations, serious regulation of illegal acts, formulate necessary countermeasures.

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