It's a NO to anonymous cryptocurrency accounts in South Korea
Seoul: The South Korean government on Thursday took measures to ban the use of anonymous virtual accounts in cryptocurrency transactions following a ministerial meeting.
The measures, currently in effect, stipulate deposits and withdrawals be allowed only in digital accounts that can be verified with the bank account with a person's name, and also ban the issuing of new virtual accounts not linked to a bank account, reports Efe news.
Hong Nam-ki, minister of the Office for Government Policy Coordination, said the government "can't let this abnormal situation of speculation go on any longer".
The decision goes against one of the main characteristics of cryptocurrencies: the blockchain, a technology that allows the encryption and recording of transactions between two parties in a verifiable, permanent and anonymous manner without intermediaries.
South Korea is taking the steps taken by Japan and other countries, where cryptocurrency exchanges require users to furnish official documents for registration as per government regulations.
South Korea's Financial Intelligence Unit and Financial Supervisory Service will make joint inspections of virtual cryptocurrency exchanges to ensure that transactions are carried out under a real name.
In South Korea and Japan, cryptocurrencies have become a popular form of payment, an investment asset and are even used as a pension fund due to relatively small returns from other investments.
Hong said that speculation in cryptocurrencies was rife in South Korea, where the value of many virtual currencies has become higher than abroad and as the Central Bank does not offer guarantee on the currencies, they are susceptible to fluctuations and big crashes.
The South Korean ministry of justice had proposed suspending cryptocurrency exchanges, but the final measures are aimed at stopping the anonymous use, preventing money laundering and reducing advertisements about cryptocurrencies
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Modified scheme to provide cashless treatment for road accident victims nationwide: Nitin Gadkari
New Delhi, Jan 8: The government will come up with a modified scheme by March to provide cashless treatment for road accident victims nationwide, under which they will be entitled to a maximum amount of Rs 1.5 lakh per accident per person, Union minister Nitin Gadkari said on Tuesday.
According to Gadkari, the scheme will be applicable to all road accidents caused by the use of motor vehicles on any category of road.
The National Health Authority (NHA) shall be the implementing agency for the programme, in coordination with police, hospitals and State Health Agency etc.
The programme will be implemented through an IT platform, combining the functionalities of the e-Detailed Accident Report (eDAR) application of the Ministry of Road Transport and Highways and the Transaction Management System of NHA.
"The broad contours of the pilot programme are -- victims entitled to cashless treatment up to a maximum of Rs 1.5 lakh per accident per person for a maximum period of 7 days from date of the accident," Gadkari said while addressing a press conference.
The government will come up with a modified scheme by March this year.
On March 14, 2024, the ministry of road transport and highways (MoRTH) had launched a pilot programme to provide cashless treatment to road accident victims.
The pilot programme -- initiated in Chandigarh -- was aimed at establishing an ecosystem for providing timely medical care to the victims of road accidents, including during the golden hour.
The pilot project was later expanded to six states.
The road transport and highways minister also said the government is studying labour laws to frame a policy for fixing working hours for commercial drivers, on the lines of pilots, as driver fatigue is resulting in fatal road crashes, Gadkari said, adding that India is facing a shortage of 22 lakh drivers.
MoRTH organised a two-day workshop on January 6, and 7, 2025 to holistically deliberate issues, solutions and next steps to be taken to help drive transformation in India's road transport sector.
During the two-day workshop, accelerating implementation of Vehicle Scrapping Policy, pan-India adoption of PUCC 2.0, timelines for introduction of BS-VII norms were discussed, along with expected reduction in pollution with the norms.
Gadkari also launched the scheme for pan-India setup of Driver Training Institutes (DTI) which provides incentives for setting up DTIs and additional incentives for integrated infrastructure of ATSs and DTIs.
The minister stressed on the introduction of specific regulations and guidelines for improving E-Rickshaw safety, given the proliferation of e-rickshaws across the country.
Gadkari said deliberations were done for introduction of Advanced Driver Assistance System (ADAS) for trucks and strict enforcement of retro reflective tape for transport vehicle safety.
Implementation of monitoring centers & vehicle location tracking devices (VLTD) for safety of women and children were also discussed.
The meeting also discussed the launch and integration of all faceless services by the end of March 2025.
"Further, a Committee of Secretaries with representatives from States, MoRTH and NIC will work towards standardization of faceless services modules, document standardization for registration," he added.
