South Korean Banks Drop Crypto Accounts as Government Plans a Ban
South Korean regulators announced plans to ban banking activities related to cryptokulunas, which led to the announcement of leading banks in the country that they would no longer issue necessary encryption accounts. Best Bitcoin Exchanges in South Korea have been completed, which include Bithamb, Konovan and Corbitt. The banks announced include Shihan Bank, Korea Development Bank and Industrial Bank of Korea.
Crypto Ban Planned for Banks, Minors, and Foreigners
The South Korean government organized daily meetings to discuss the regulation of cryptokurrence. On Wednesday, local publications said that regulators have planned to ban commercial banks linked to cryptokycunctions. According to AFP:
The Prime Minister’s Office said Seoul would ban financial institutions from dealing in virtual currencies – including buying, possessing, or holding them as collateral.
In addition, the Korea Herald stated that according to the plan, "In Korea, the banks that provide virtual bank accounts for the cryptracmarkmark transaction should be identified when account holders create new accounts." In addition, regulators have planned to prohibit infants and foreigners from interacting with Cryptokuranz and making bank accounts in the country.
Virtual bank accounts are issued by traditional banks for customers of Cryptokurrence Exchange. Customers wishing to start a business during a crypto exchange must first open a virtual bank account and deposit money. All major Korean exchange customers, including the country's largest Bitcoin exchange Bitcoin, need to open virtual bank accounts before transacting. Kyunghyang Shinmun said:
Virtual currency can be traded only after joining a virtual currency exchange and depositing money in a virtual account assigned to the exchange.