About 8% of virtual bank accounts for cryptocurrency trading have been converted to real-name bank accounts, a week after the government ended anonymous trading of cryptocurrencies, industry sources said Tuesday. It is reported that 143.300 virtual ledgers for cryptocurrency trading, or 8.21% of the total accounts, had been converted to real-name bank deposits.
The real-name trading system, which came into effect from Jan. 30, is part of the government's latest measures to prevent cryptocurrency from being used for money laundering and other illegal activities.
Currently, people can buy or sell cryptocurrencies through their virtual accounts, but they must comply with the real-name trading system if they want to pour new money into cryptocurrencies or withdraw money from these accounts.
We have recently reported that South Korean cryptocurrency exchange Coinpia suspended trading and deposits after it was unable to implement a customer identification system in line with a recently enacted government mandate.