South Korea will support “normal transactions” of cryptocurrencies

Earlier in the year, South Korea under pressure to digital currency trading, reported that local banks are not happy to open a virtual account for digital currency trading activities. However, Choe said the South Korean government will encourage transactions and cooperation between banks and digital currency exchanges.

This is exactly the opposite of the attitude of the South Korean government one month ago. On January 11, South Korean Attorney General Park So-Ki said he is preparing a bill to ban the digitally-encrypted currency exchange. As the news came out, the digital currency plummeted across the board. This immediately angered many South Korean “speculators” who in less than a week had more than 200,000 Internet users petitioning against the ban.

The face of the turbulent popular opinion, the South Korean government then, the proposal to close the virtual currency exchange, will be fully discussed before making a decision.

By the end of last month, the attitude of the South Korean government continued to soften. Kim Dong-won, the deputy prime minister and finance minister of South Korea, said the South Korean government has not planned to shut down digital currency transactions. “There is no intention of banning or suppressing the digital money market. The most pressing task now is to regulate exchanges.”

Although it is clear that the digital currency transaction will not be shut down, South Korea does need to speed up its implementation in this area. South Korea’s currency ring many investors, 4% of South Korean citizens are involved in digital currency transactions, daily settlement of the won currency accounts for about 10-20% of the global bitcoin.

On January 31, South Korea officially implemented the real-name virtual currency trading system. However, other than the Upbit, Bittsum, Coin One and Cobit platforms, none of the other exchanges had a virtual bank account.

If the exchange cannot use the virtual account, the exchange’s users will not be able to use the won into the gold, the virtual currency cannot be successfully traded.

According to CoinMarketCap platform offer, most of the current digital currency rose. Bitcoins have risen 6.5% over the past 24 hours to $ 11,575, almost doubling the January low; Ether to 0.59% to $ 950; and Litecoin up nearly 9% to $ 242.