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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Curbs imposed in parts of Kashmir; protests break out in Shia dominated areas
Srinagar (PTI): Protests broke out on Friday in some Shia-dominated areas of Kashmir, including Magam and Budgam, against the US-Israel strikes on Iran, officials said.
Apprehending the protests on the last Friday of Ramzan, restrictions were imposed this morning in Srinagar and other parts of the valley, especially the Shia-dominated areas.
The restrictions on the assembly of people were imposed in the morning as a precautionary measure to maintain law and order in view of the likelihood of protests, the officials said.
The protesters shouted slogans against the US and Israel aggression in Iran, and in support of Palestine, they said.
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However, the officials added that the protests remained peaceful so far.
They situation is being monitored closely, they said.
Juma-tul-Vida (last Friday of Ramzan) is also being observed as Youm-ul-Quds to express solidarity with Palestine and there are apprehensions of anti-Israel protests after the congregational prayers, they said.
The authorities also shut the historic Jamia Masjid in Nowhatta locality of the city here.
"On the last Friday of holy Ramzan, when tens of thousands gather from towns and villages for prayers and supplication at the historic Jama Masjid Srinagar, its gates have once again been locked from all sides," Kashmir's chief cleric Mirwaiz Umar Farooq said in a post on X.
He said it was the seventh consecutive year, "the rulers have denied permission to Muslims to pray here".
"As Israel has forcibly shut the gates of Masjid al-Aqsa during Ramzan, similar painful reality is witnessed here. Our hearts bleed. Shame on those who lock the houses of Allah against the faithful," the Mirwaiz added.
