South Korea Inspects Cryptocurrency Accounts of 6 Banks

08 January   1552

South Korea’s financial regulator said on Monday it is jointly carrying out inspections on six local banks that offer virtual currency accounts to institutions amid growing concerns increasing use of assets like bitcoin could lead to a surge in crime.

The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) of Korea will check if banks are adhering to anti-money laundering rules and using real names for accounts, FSC Chairman Choi Jong-ku told a press conference.

Virtual currency is currently unable to function as a means of payment and it is being used for illegal purposes like money laundering, scams and fraudulent investor operations. The side effects have been severe, leading to hacking problems at the institutions that handle cryptocurrency and an unreasonable spike in speculation.

 

Choi Jong-ku

Chairman, FSC

The six banks: NH Bank, Industrial Bank of Korea, Shinhan Bank, Kookmin Bank, Woori Bank and Korea Development Bank will be inspected between January 8 and 11. 

Choi Jong-ku said that they are also looking at ways to reduce risks associated with cryptocurrency trading in the country, which could include shutting down institutions that use such currencies. Choi warned that authorities would crack down on virtual currency crime and dole out heavy punishments on those who partake in market price manipulation, pyramid schemes and money laundering.

Verge to Improve Security via Hard Fork

Verge cryptocurrency will reportedly undergo a hard fork on block 1 824 150 which should resolve stealth transaction issues and enhance privacy features
22 January   2136

Verge has announced that the hard fork of the coin will occur on block 1 824 150. The decision was made because some mining pools were not running the latest codebase, and as a result some stealth transactions did not get confirmed. Verge tried to soft fork, but not enough pools participated. The new hard fork will assure that miners are up to date and process stealth transactions.

Verge tweet regarding hard forkVerge Tweet Regarding Hard Fork

What is more, the hard fork will make sure all transactions will be processed and confirmed even faster, and it will not affect coins in the wallet. After the hard fork, the users will have 6 days to update their wallets to then still have access to their funds. Moreover, balances at any exchanges will not be affected by the hard fork.

Verge latest blocksVerge latest block at the moment of press

As soon as the stealth transaction will be activated with hard fork at block 1 824 150, at the moment of writing the last activated block was 1820480, and the estimated time until the Verge hard fork is 30:31 hours.

Verge Charts january 2018Verge Charts

Currently, the price of Verge is falling down, it decreased 15% within past 24 hours and 30% during past 7 days, having moved the coin to the 26th place in the list of coins ranked by market capitalization.

At the moment of press, these are main market parameters of Verge:

  • Average price: $0,092518
  • Marketcap: $1 341 606 868
  • 24h volume: $83 587 200