KIF proposed to issue crypto version of won

Lee Dae-ki, senior researcher at the Korean Institute of Finance belives that "cryptowon" has many advantages 
26 December 2017   825

Senior researcher at the Korean Institute of Finance (KIF) called on the country's central bank to issue a crypto version of the currency on the blockchain. This is reported by the Korea Times.

Lee Dae-ki offers the bank a "serious thought" about releasing a tokenized version of the South Korean won. In his opinion, this will reduce costs, increase transparency and simplify the process of gaining access to financial services for citizens of the country.

Technology based on blockchain, the distributed accounting database, will show great promise in enabling central banks to improve their defenses against cyber attacks and overall the way payments are conducted between institutions and consumers.

Lee Dae-ki 

Seniour researcher, Korean Institute of Finance

According to Lee, the central bank vainly ignores this possibility, as it can help modernize the banking industry as a whole.

Regular currency or commodity regulating cryptocurrencies such as bitcoin are, in part, held back by the government's growing inability to officially name what it actually is. Some countries regard digital coins as commodity, while other places are treating them as regular money. That's why there are limits for virtual currencies to be widely used as a platform for value exchange.

Lee Dae-ki 

Seniour researcher, Korean Institute of Finance

The analyst believes that the difficulties recently encountered by traders after the ban of ICO and tightening of the requirements for exchanges are due to the fact that the crypto-currencies do not have a legal status in South Korea. 

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.