Bitcoin Cryptocurrency CLAMPDOWN – Harsh new laws aim to REMOVE secrecy

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The plan would make sure local banks only allow accounts headed by the users’ real name when they are making cryptocurrency transactions.

 Real names will have to be used starting from January 30.

 Kim Yong-beom, the vice chairman of the Financial Services Commission, stated that the names on a virtual coin exchange wallet and bank account must be the same for a user to be able to make deposits.

 The push is part of a series of demands from South Korea to clampdown on bitcoin - President Moon Jae-in recently warned that virtual currencies are causing mass “confusion” across the nation. Following moves from the Seoul earlier this month, cryptocurrencies went into free fall as investors fled major digital coins.

Bitcoin temporarily fell below its $10,000 milestone on some tracking websites while ethereum fell below $1,000 in a further sign of volatility.

However, both coins did recover a small amount of their value.

The actions from South Korea come after the US Securities and Exchange Commission (SEC) temporarily suspended trading the shares of a small firm that utilised the rising popularity of blockchain technologies to raise its stock prices.

CRCW.PK saw prices rise more than 2,700 per cent after signing a deal to buy a cryptocurrency data platform. The chairman of the SEC, Jay Clayton, warned that public companies that are shifting their business to enter the bitcoin market are being examined closely.

He said: “The SEC is looking closely at the disclosures of public companies that shift their business models to capitalise on the perceived promise of distributed ledger technology and whether the disclosures comply with the securities laws, particularly in the case of an offering.”



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