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.
(eng) "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.
(eng) "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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