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30 January 2018, 14:59

S. Korea starts real-name trading system for cryptocurrencies

SEOUL, 30 January (BelTA - Yonhap) - South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities.

The real-name trading system is also part of the government's latest measures to curb speculative investment into virtual coins amid growing fears that a cryptocurrency bubble may be set to burst.

About 3 million people in South Korea are estimated to have invested in cryptocurrencies, and the nation's six banks have started verifying cryptocurrency investors' identities.

Opening cryptocurrency accounts has been banned for weeks while the banks have installed the system, which ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges for deposits and withdrawals.

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