South Korean government to allow cryptocurrency trading after ban rumours

The South Korean government will allow and support cryptocurrency trading and usage if it a “normal” one. Choe Heung-Sik, the top financial regulator of that country, said this on declarations given to the national press this morning.
Clearly dispelling the fear of a wide country ban on cryptocurrencies, Choe declared that the government will support any trading made on a KYC basis (that is, know your customer basis) and that they will encourage bonding between the actual traditional financial industry, and the incumbent exchange industry. This contrasts with the earlier position of the Justice Ministry of the country.
This approach was expected by some experts, because all traders and holders were required by law to use their real names in their profiles and electronic wallets tied to banks accounts since January 30. This stance means that the anonymous trait that characterizes cryptocurrency trading will be void on Korean soil.
Many governments worry about these anonymous exchanges because criminals can shield themselves by using cryptocurrencies in illegal transactions and money laundering even across borders. The SK government position on the subject contrasts with that of many other countries that have opted for making illegal all trading and punishing users with harsh sentences, like Bangladesh.

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