The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
Sun, May 22, 2022 | 22:49
Banks to issue new trading accounts for cryptocurrencies on Jan. 30; anonymous transactions to be banned
Posted : 2018-01-23 10:16
Updated : 2018-01-23 15:51
Print Preview
Font Size Up
Font Size Down
Six South Korean banks will begin issuing new trading accounts for cryptocurrencies next week by introducing a system that bans the use of anonymous accounts in cryptocurrency transactions, officials at the banks said Tuesday.

Opening cryptocurrency accounts has been banned for weeks until the banks install the system that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges are used for deposits and withdrawals.

The real-name trading system is part of the government's measures to curb speculative investment into virtual coins, amid growing fears that a bubble over cryptocurrencies may be set to burst.

The new system will also require cryptocurrency exchanges to share users' transaction data with banks.

The six banks include Shinhan Bank, NH Bank and the Industrial Bank of Korea.

Cryptocurrencies, such as bitcoin and ethereum, have rapidly gained popularity in recent years among South Korean investors hoping to make quick money. South Korea is home to one of the world's biggest private bitcoin exchanges, with millions of people estimated to own some of the best-known digital currency.

Despite a boom in cryptocurrency transactions, the exchanges go largely unregulated in South Korea as they are not recognized as financial products, with the country having no rules for protecting virtual currency investors. (Yonhap)

 
  • Adoptee's journey tracing her mother, origin and heritage
  • What to expect from first lady in summit diplomacy
  • Can Indo-Pacific help Korea reduce reliance on Chinese market?
  • Korean steelmakers unlikely to benefit from Biden's visit
  • Blinken remains elusive figure for Yoon administration
  • Shocking treatment: Electricity in 19th-century medical treatment
  • Yoon, Biden agree to expand joint military exercises to deter North Korea
  • Korea postpones disposable cup deposit system for six months
  • 566 Days Later
  • Hyundai to build $5.54 bil. electric vehicle, battery plant in Georgia
  • Reality shows raise concerns by zooming in on private lives of people Reality shows raise concerns by zooming in on private lives of people
  • TvN drama 'Rose Mansion' criticized for animal abuse scene TvN drama 'Rose Mansion' criticized for animal abuse scene
  • Korean remakes, romance series to hit small screen in June Korean remakes, romance series to hit small screen in June
  • 2 artists of Korean descent question hegemonic frameworks of race, gender 2 artists of Korean descent question hegemonic frameworks of race, gender
  • Jung Hye-sung to lead new series 'New Normal Zine' Jung Hye-sung to lead new series 'New Normal Zine'
DARKROOM
  • People in North Korea trapped in famine and pandemic

    People in North Korea trapped in famine and pandemic

  • 2022 Pulitzer Prize: Bearing witness to history

    2022 Pulitzer Prize: Bearing witness to history

  • Worsening drought puts millions at risk

    Worsening drought puts millions at risk

  • Our children deserve the best

    Our children deserve the best

  • End of mask mandates

    End of mask mandates

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group