Cryptocurrency Regulations Come Into Force in South Korea

Today new rules concerning cryptocurrency have come into force in the South Korea
31 January 2018   944

The purpose of the legislation is to combat money laundering. The rules were published in the document on January 23. The document says that only those who use bank accounts with a real name will be permitted to trade cryptocurrency.

The new regulations came into force on January 30. According to the document new measures will prevent cryptocurrency transactions from being used for illegal activities, such as crimes, money laundering and tax evasion.

The South Korean Financial Services Commission stated today that the measures had actually entered into force. However, the press secretary said that it was still too early to talk about the consequences of those measures.

However, people from the cryptocurrency sphere are optimistic about the legislation in South Korea.

TenX co-founder, Julian Hosp thinks that the new legislation gives legitimacy to digital currencies by suppressing anonymity and illegal use cases. Meanwhile, others involved in the cryptocurrency sphere have welcomed South Korean regulation as a very necessary step in the field of digital currencies.

Despite positive community feedback, the market reacted negatively when the document was published and came into force. Earlier, the price of Bitcoin fell from its GMT open of almost $11,300 to just over $10,200. Not surprisingly, this situation caused a short-term decline in optimism regarding cryptocurrency.

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   81

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.