Regulators in south korea have announced a plan to ban the activities involving digital currencies. This has prompted large banks in the country to declare that they will proceed with the closure of the accounts, storing crypto-currencies. The banks that have already made these announcements are Industrial Bank of Korea, Korea Development Bank and Shinhan Bank.
In recent times, investors have been faced with the repression of the government of South Korea. On the other hand, large companies, exchanges, virtual currency operating in the country. It is, in particular, Korbit, Coinone and Bithumb.
The banks and the miners are affected by this ban
South Korea has held daily meetings to discuss the regulation of crypto-currencies. On Wednesday, local media reported that regulators plan to prohibit any activity that is related to crypto-currencies. According to the AFP, the office of the Prime minister would have said that Seoul will prohibit financial institutions trade currencies digital.
Below are the details of this announcement :
Korea Herald has also reported that banks in South Korea providing virtual bank accounts for transactions with crypto-currencies will be required to verify the identification of account holders. Minors will not be allowed to operate in this sector. All the major stock exchanges Korean, including Bithumb, the largest company in exchange of Bitcoins of the countries, require that customers open virtual bank accounts before executing transactions.
The restrictions are already applied
The announcement Wednesday marks that regulators have applied restrictions on the bank accounts virtual. The major state-owned banks and commercial countries have immediately reacted by stating that they will cease to issue new bank accounts, virtual for the exchange of digital currency. Some have even closed existing accounts, reported Arirang News.
Business Korea has indicated that if a bank closes bank accounts that are virtual, then it is basically impossible to exchange crypto-currencies to it.
Source : NewsBitcoin