Korea Exchange joins blockchain gold rush
The Korea Exchange is looking to use distributed ledger technology for a new OTC trading platform.
Real-name transactions of cryptocurrency trading in S. Korea to start on January 30th
가상화폐 거래실명제 30일 시행…”신규투자 안막는다
Turning now to ongoing government efforts to regulate the local virtual currency market.
In a week’s time, new accounts can only be created using real names.
Traders can no longer make transactions anonymously.
Our Lee Jeong-yeon turned to an expert for his take on the potential impact of this system.
After the explosive growth in the number of cryptocurrency traders in South Korea, the government announced back in December… that it would ban the creation of new anonymous accounts in an effort to curb the trading frenzy. On Tuesday, it announced that virtual currency traders can create new accounts under their real names starting January 30th.
Prior to these measures, currency exchanges issued encrypted virtual accounts to investors for trading. But the new measures will allow only real-name bank accounts with matching accounts at virtual currency exchanges for transactions.
What this means is that now, transactions are no longer anonymous.
This could help prevent illegal activities such as money laundering or tax evasion.
Also, with the banks requiring personal information, foreigners not residing in Korea and minors could be prevented from setting up accounts.
Experts say the new measures may not bring significant changes, at least in the short-term.
“I don’t think there’s going to be a noticeable difference, but it’s going to be very difficult to see anyway. Because cryptocurrency right now is such a volatile investment, you’ll continually see very large fluctuations in prices.”
He adds however, that the real-name system is a good stepping stone for other changes that could eventually reduce market volatility.
“The real-name system is I think a first step to imposing taxes. I think it’s probably useful to have taxes on cryptocurrency investments because right now at least in Korea, taxes are not being imposed on these cryptocurrency transactions, and because of that, I think it makes cryptocurrency investments more popular than it should be.”
Were this to happen, it would mean virtual currency trading would become similar to trading of commodities such as stocks and bonds.
Lee Jeong-yeon, Arirang News
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Korean Exchange, Crypto Talk
Support the stream: https://streamlabs.com/datadash Tonight, we’re covering the general discussion of current price action in bitcoin, altcoins, and the overall expectations for cryptocurrencies over the coming weeks. Feel free to jump in and introduce yourself!
Bitcoin surpasses 71 million KRW mark on S. Korean exchanges
비트코인 ‘7천100만원대’ 또 고가…코인 거래대금, 코스피 추월
The price of Bitcoin surpassed another milestone on Sunday ,.. topping 70 million Korean won on South Korean cryptocurrency exchanges for the first time.
70 million won is around 61-and-a-half thousand U.S. dollars.
According to the local exchange Upbit,… the price of a single bitcoin reached an all-time high of 71-point-45 million won.
Cryptocurrency transactions on the nation’s four major exchanges on Sunday also came to almost 14-point-seven billion dollars,… higher than the benchmark KOSPI’s average daily trading volume.
From January 1st to February 25th,… trading volume of digital currencies was more than 390 billion dollars,… surpassing last year’s entire volume.
#Bitcoin #Cryptocurrency #SouthKorea
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2021-03-15, 07:00 (KST)
Thailand’s cryptocurrency gold rush | Unreported World
Unreported World is on the forefront of Thailand’s cryptocurrency boom where farmers and traders alike are going crazy for digital currencies that can lead to both riches and ruin. In Bangkok, on the Wild-East’s crypto frontier, a young multi-millionaire CEO is pushing for his country to embrace the crypto-revolution. He has influential allies but he’s also up against powerful adversaries who warn of looming financial catastrophe.
The pandemic has left many in Thailand cash-strapped and jobless. Millions, predominantly young Thais, are turning to crypto to boost their fortunes. But cryptocurrency trading has its dangers. It’s volatile, with prices rising and falling dramatically, and it’s prone to scammers and market manipulation. This has led some countries to outlaw crypto transactions completely. But, for now, Thailand remains a crypto-friendly nation, keen to harness new blockchain innovations which promise to usher in a new technological era.
But not everyone is a winner. In the back streets of Bangkok we meet a man who made and lost nearly a million US dollars within a few months. With his initial investments now worthless, the 23 year-old warns that those who seek instant fortunes could be risking it all.
Reporter: Jonathan Miller
Producer/Director: Anneliese McAuliffe
Series Producer: Andy Lee
Executive Producer: Ed Fraser
Production Company: Channel 4 News
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