Korea to Approves Banks Working With Exchanges

Head of Financial Services Commission of South Korea believes that opening of virtual bank accounts to South Korean cryptocurrency exchanges should be limited
31 October 2018   503

Opening of virtual bank accounts to South Korean cryptocurrency exchanges should be carried out according to general rules and cannot be limited. This was stated by the head of the Financial Services Commission of South Korea (FSC) Choi Jung-Ku, according to CCN.

There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges.

Choi Jung-Ku

Financial Services Commission of South Korea, Head

Mister Choi hadn't said anything regarding minning farms, minning equipment manufacturers and sellers and their relations with banks.

The FSC statement was positively assessed by representatives of the South Korean blockchain association, which includes several Bitcoin exchanges. In their opinion, this will allow to solve the problem that arose in January, when the government of the country obliged cryptoexchanges to transfer information about the transactions of their clients to banks.

In June, FSC tightened the rules on anti-money laundering relating to the activities of cryptocurrency exchanges. According to the amendments, banks that serve the exchanges are obliged to control the movement of both funds in the accounts of traders and own assets of cryptocurrency sites.

Sapphire to Unveil Radeon RX 570 Nitro+

New GPU with 16 GDDR5 is specially designed for Grin mining
17 January 2019   109

Sapphire Technology has announced plans to release a new Radeon RX 570 Nitro + video card, equipped with 16 GB of GDDR5 memory. As reported by TechPowerApp, it is designed for Grin cryptocurrency mining.

Grin is based on the MimbleWimble protocol and the Cuckoo Cycle PoW hashing algorithm, which can load up to 11 GB of video memory, which explains the non-standard characteristics of the new graphics card.

The video card is made in the traditional Nitro + design with a dual-fan cooler and uses sixteen GDDR5 memory chips.

The cost of the Radeon RX 570 Nitro + has not yet been named, but Sapphire promises that it will be sold at the price of "one third of the cost of competing cards at 16 GB."

Aday after the launch of the main cryptocurrency network, Grin is mined by at least 88,000 graphics processors. Grin hash rate is 285.6K graphs / s.

Radeon RX 570 Nitro+
Radeon RX 570 Nitro+

In June 2017, Sapphire introduced a line of Mining Edition boards of five models, made on the basis of Sapphire Radeon RX 470 and Sapphire Radeon RX 560. The memory capacity of video cards ranged from 4 to 8 GB.