South Korean banks have backtracked from their choices to quit overhauling digital currency accounts as crypto financial specialists protested and the government re-talked about its policy. The nation’s 6 noteworthy banks have been informed that they should finish the first arrangement and introduce the framework that would end the anonymous trading of cryptographic forms of money.
South Korean banks have reportedly turned around their choices to quit servicing cryptographic money accounts.
“They will stick to their initial plans to allow clients to open accounts for cryptocurrency transactions using their real names within the month,” Korea Joongang Daily reported.
South Korean banks have reportedly reversed their decisions to stop servicing cryptocurrency accounts. The first arrangement has been for banks to quit issuing virtual accounts and introduce the new government-ordered, genuine name recognizable proof framework. Starting there on, they would just issue genuine (real) name accounts. This new framework is expected to be presented around January 20.
The news outlet detailed:
The country’s financial regulator has pushed banks to stop opening new accounts until they establish a way to verify that the accounts bear the real name of the customer, to prevent money laundering.
A week ago, the controllers started assessing the nation’s 6 noteworthy banks to guarantee they have satisfied their anti-money laundering (AML) commitments concerning virtual account services.
Money Today described
While the inspections will not conclude until January 16, some banks decided to pull out of servicing cryptocurrency accounts “due to strong pressure from financial authorities” and criticism that “banks are supporting virtual currency transactions,”.
A report by Korea Joongang Daily says;
The regulators then informed the 6 banks that their decisions regarding whether to service crypto accounts do not have any bearing on their obligations to install the new real-name system. As such, banks agreed to install the new system as planned. The Korean Financial Services Commission (FSC).
Investor Complaints and bank
Among the banks that chose to quit adjusting digital money accounts was Shinhan Bank. A letter with respect to this choice was quickly sent to the crypto trades right now utilizing the banks virtual accounts services, including the nation’s biggest exchange Bithumb.
Following the bank’s declaration, “some Shinhan clients – conceivably bitcoin brokers – undermined a boycott of the bank,” the publication noted.
AFTER THE NEWS WAS ANNOUNCED, INVESTORS REBELLED AND THE FINANCIAL AUTHORITIES DECIDED TO RE-DISCUSS THE POLICY WHEN THEY ASKED FOR A REAL-NAME CONFIRMATION SERVICE.
Shinhan Bank in this way switched its choice, expressing that the bank will survey its virtual account opening strategy and “will enable stores to existing virtual accounts for now,”
Korea Joongang Daily included, “Shinhan Bank told major local cryptographic money trades, for example, Bithumb and Korbit that they should think of measures to dispose of existing mysterious accounts.”
While it stays feasible for Shinhan Bank clients to store into existing virtual accounts, the government declared on Sunday that anybody doing as such would confront a fine once the genuine name framework is executed.
Crypto market stabilizing gradually
Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.
Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.
Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.
Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.
Current top 5 crypto currencies
- Bitcoin : $9388
- Ethereum: $741
- Ripple: $0.83
- Bitcoin Cash: $1630
- EOS: $18.28
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
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