South Korea approves 'Normal' Cryptocurrency Transactions

[ujhon]

A few months for cryptocurrencies all over the world have been a little difficult as there have been a number of speculations regarding the Digital assets reliability and credibility.

Just like other countries, South Korea was also earlier conjectural about the usage of virtual currencies in the country. According to recent improvements, the Financial Supervisory Service (FSS) of South Korea has declared that the government is ready to accept 'Normal' cryptocurrency transactions.

The officials further clarified that the entire world is planning to introduce a regulatory framework to gain a control on digital currencies, hence, instead of developing strict and strong controls, we should realize the importance and enable it for Normal transactions.

However, this new statement by FSS official, Mr. Choi completely contradicts his earlier stand on designing strict regulations on cryptocurrencies. Earlier, he even remarked that Bitcoin will lose its bubble later. So, this new optimistic approach towards cryptocurrencies an opposite viewpoint.

This initiative is helping medium and small-sized exchanges as the Korean Blockchain Association has imposed a real-name system on exchanges and thereby ceased the usage of virtual accounts that permit anonymous digital currency trading. This will encourage security and safety of the transactions and safeguard the money of the cryptocurrency holders.

The government authorities are also encouraging Banks to work with Crypto exchanges and make transactions with these crypto exchanges, as they have sufficient and efficient systems that can freely open virtual currency real name accounts. This will to an extent solve the problem of small and medium-sized exchanges who are unable to obtain virtual accounts

[ComeBack]

Wow that's great, But way back few month/s ago I forgot what part of korea have a problem on digital or cryptocurrency right but now it seems that they adopting it also earlier than other countries.

[satpol_PP]

Wow that's great, But way back few month/s ago I forgot what part of korea have a problem on digital or cryptocurrency right but now it seems that they adopting it also earlier than other countries.

I think It is good news mate. I hope all countries approve normal crypto currency Transactions, like south Korea.

[fallenangel1789]

It is amazing news. It is mostly due to South Korea goverment we have such fall at crypto market. South Korean attitude toward markets is important for the future of cryptocurrencies.

[aji678]

This news was positively received by the supporters of cryptocurrency in Korea and around the world. Nevertheless, despite the denial of a possible ban on cryptocurrency trade, the government of Korea recently restricted the use of other currencies to combat market speculation and money laundering.

[Zed0X]

This is a good development. Hopefully, we see more good news like this. This is the next stage for cryptocurrencies.

[tamango]

This is a good news and South Korea confirms to be one of biggest "Fan Nation" of crypto. I hope many other nations will follow this decision

[laughingburger]

This is a good news to all those that believe in crypto especially those living in south korea as they can trade crypto with no barrier at all.

[Harihmawati]

We hope another country especially indonesia make cryptocurrency transaction legal, it is helpful for international trade. Transaction without bank anymore.

[owmivmen]

I think this is good news. all countries will support crypto. supposedly with this news the price of crypto will experience a high increase.

[rizqillah]

A few months for cryptocurrencies all over the world have been a little difficult as there have been a number of speculations regarding the Digital assets reliability and credibility.

Just like other countries, South Korea was also earlier conjectural about the usage of virtual currencies in the country. According to recent improvements, the Financial Supervisory Service (FSS) of South Korea has declared that the government is ready to accept 'Normal' cryptocurrency transactions.

The officials further clarified that the entire world is planning to introduce a regulatory framework to gain a control on digital currencies, hence, instead of developing strict and strong controls, we should realize the importance and enable it for Normal transactions.

However, this new statement by FSS official, Mr. Choi completely contradicts his earlier stand on designing strict regulations on cryptocurrencies. Earlier, he even remarked that Bitcoin will lose its bubble later. So, this new optimistic approach towards cryptocurrencies an opposite viewpoint.

This initiative is helping medium and small-sized exchanges as the Korean Blockchain Association has imposed a real-name system on exchanges and thereby ceased the usage of virtual accounts that permit anonymous digital currency trading. This will encourage security and safety of the transactions and safeguard the money of the cryptocurrency holders.

The government authorities are also encouraging Banks to work with Crypto exchanges and make transactions with these crypto exchanges, as they have sufficient and efficient systems that can freely open virtual currency real name accounts. This will to an extent solve the problem of small and medium-sized exchanges who are unable to obtain virtual accounts

I think It is a great news mate, If south korea approves normal crypto currency transactions.

[TERENCIO]

A very positive news because Korea one of the rich list have been investing in cryptocurrency.

[Quart]

We hope another country especially indonesia make cryptocurrency transaction legal, it is helpful for international trade. Transaction without bank anymore.

I also hope for that. Indonesia as a big country, it has many crypto enthusiasts. If the government can accept the normal crypto transaction, I think it can influence big impacts.

[Crypto Guard]

It sounds very good if this really happens. More and more countries will accept bitcoin transactions normally. And this means, the position of bitcoin in crypto currency will become stronger as a digital currency.