South Korean Banks Putting Up a hard Time for Digital Currency Traders
Since the introduction of the real-name crypto system by the South Korean gov, only 40-50% of the cryptocurrency investors have shifted their accounts. For the other half the South Korea-located banks are not going to be very soft about.
Not being able to deposit the fiat Korean Won will be the first limitation that the entities have put up for those not converting their accounts. Despite that the officials predict that all crypto-platforms will be using the system, only four leading ones do.
Only banks that have agreed on the real-name system idea and conversion protocol can open accounts of the requested kind. Client deposits at exchanges are couples with their information on their bank accounts.
“Many investors do not convert to a real-name verified account but invest only with the funds that they have already deposited at crypto exchanges.”
More restrictions are planned to be implemented as mentioned in the news post for the not-transformed accounts attempting to invest in crypto.
As per a report from South-Korean outlet Kinews, relayed by The Next Web’s cryptocurrency column, the South Korean Ministry of Science And Technology has just made its first steps towards crafting its “first batch of blockchain specialists.”
On Monday, the ministry’s information and communication departments divulged that it had hosted its first ever lecture on distributed ledger technologies (DLT). This is reportedly the local government’s first move to roll out a “blockchain technology development strategy” course that is backed by a supposed 100 billion Korean Won ($90 million USD) investment from forward-thinking regulators.