S. Korean Crypto Exchanges to Share User Data with Banks

Financial authorities currently banned opening anonymous cryptocurrency accounts until banks install a system that ensures only real-name bank accounts
22 January 2018   619

The government of South Korea plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said on January 21.

Financial authorities currently banned opening anonymous cryptocurrency accounts until banks install a system that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges to be used for deposits and withdrawals.

Banks are expected to introduce the system, which will require cryptocurrency exchanges to share users‘ transaction data with banks, late this month or early next month, according to the official.

Under the law, banks are obliged to check whether cryptocurrency exchanges comply with the requirement, the official said. In a measure of tax enforcement for cryptocurrency investors, the government can access users’ transaction data via banks.

Recently, we have reported that cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones.

Bitcoin Questions included into Dutch High School Exam

Bitcoin-themed mathematics questions have been cut-in in recent high school matriculation exams in the Netherlands
18 May 2018   99

About 200,000 Dutch students are to have taken the OVW exam, a obligatory test for students who wish to get tertiary education in the Netherlands. The testing list  included five bitcoin-themed questions.

Students were offered to solve five different mathematical problems. The questions asked that students “calculate in what year the amount of bitcoin exceeded 18 million,” “calculate from which year on the reward will be less than one bitcoin,” “determine the maximal amount of bitcoin that can be in circulation.” The resolution  of the issues was supposed to base on the formula used to employed to solve the questions.

Such kind of changes in testing for students is connected with the growing  recognition of cryptocurrency by the Holland’s institutions. In March, the Court of Amsterdam defined that bitcoin owns “properties of wealth” at the same time  adjudicating a civil rights occasion between an individual seeking repayment from an unfulfilled contract pertaining to bitcoin mining. The court ordered that “bitcoin represents a value and is transferable” and “thus shows characteristics of a property right. A claim for payment in Bitcoin is, therefore, to be regarded as a claim that qualifies for verification.”

Recently, Rob van Gijzel, the ambassador of the Dutch Blockchain Coalition, revealed a national blockchain research agenda, which had been accredited by the Dutch Ministry of Economic Affairs and Climate Policy. The ministry had established a designated committee, TopTeam ICT, appointed to analyze the potential legal, economic, and ethical implications of distributed ledger technology in the country.