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would invite unwanted scrutiny, international pres. 24, South Korean Blockchain Industry Association announced that it will inspect 33 of its members, among which are the Coinone, Bithumb, and Korbit cryptocurrency exchanges to evaluate their compliance with self-regulatory measures. Chinese and Russian operations to implant malware on US infrastructure lay. On March 6, the government of South Korea banned its public officials from holding and trading cryptocurrencies under the civil servants’ law. In December 2017, FSC announced that it will ban anonymous cryptocurrency trading and require traders’ accounts on cryptocurrency exchanges to be associated with bank accounts registered under their real names, starting from Jan 30 this year.Īfter denying reports of an alleged cryptocurrency trading ban in the country as false, South Korean Finance Minister Kim Dong-yeon reaffirmed that the government will not ban or “ suppress” the cryptocurrency market. Unfortunately, that is still the case right now, even though things may come to change sooner rather than later.South Korean financial regulators will investigate local banks over compliance with anti-money laundering (AML) guidelines for operations with cryptocurrency exchanges, as reported by a local news outlet Yonhap News yesterday, March 21.Īccording to Yonhap, the Financial Intelligence Unit (KoFIU) and the Financial Supervisory Commission (FSC) will start examining the corporate accounts of crypto exchanges in Korean banks next month. Centralized exchanges have their place, but they should never dictate the market. Thanks to platforms such as LocalBitcoins, trading cryptocurrency becomes more peer-to-peer oriented. Despite government intervention, the popular cryptocurrency has lost little of its allure. It is evident China continues to warm up to bitcoin as a whole. However, dealing with not being able to withdraw funds may have been a valuable lesson in the end. In the end, convenience tends to win over anything else. The Senate and gubernatorial races in Nevada are tight. Peer-to-peer trading offers many advantages, although centralized exchanges are more convenient. Once that happens, there is no way to tell which method of trading will be more successful. Be the first to share what you think More posts from the WSJauto community. Chinese exchanges are getting closer to resuming withdrawals once again. Tech - White House Ransomware Summit Eyes Tighter Global Scrutiny for Crypto. Moreover, it will be intriguing to see how popular LocalBitcoins will remain in the future. Then again, it will be difficult to intervene in peer-to-peer trading. The only question is whether or not the PBoC will go after LocalBitcoins in the future. With users unable to access their funds on exchanges, alternative solutions become more popular. That is a small dip compared to the week prior, but still a very good number. The previous week saw the nearly 55m CNY worth of bitcoin change hands on LocalBitcoins. #RANSOMWARE SUMMIT EYES TIGHTER GLOBAL SCRUTINY FREE#In fact, these AML changes teach a valuable lesson as to how one needs to control their bitcoin wallet at all times.ĥ BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. People can still buy and sell bitcoin with ease, without having to rely on a centralized exchange. As a result, its weekly trading volume skyrocketed these past few weeks. LocalBitcoins is not scrutinized by the PBoC at this time. Interestingly enough, very few people are willing to do that right now.Įven though most exchanges are affected by these AML changes, there are other ways to convert bitcoin. These platforms still allow Chinese bitcoin holders to exchange BTC for CNY if they want to. #RANSOMWARE SUMMIT EYES TIGHTER GLOBAL SCRUTINY FULL#The unfortunate side effect of exchanges halting all bitcoin withdrawals has to be taken in full stride. Interventions by the PBoC make bitcoin look more legitimate and appealing. LocalBitcoins trading is more popular than ever, which results in high weekly trading volumes.īitcoin’s status in China has taken a few hits, but the popular cryptocurrency is still standing. Contrary to what people expect, bitcoin’s popularity in China has not declined all that much. The PBoC’s most recent efforts force exchanges to suspend bitcoin withdrawals for the time being. China has always been a peculiar country when it comes to bitcoin and cryptocurrency. ![]()
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