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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SIT formed to probe second sexual assault case against expelled Cong MLA Mamkootathil
Thiruvananthapuram (PTI): A Special Investigation Team (SIT) has been constituted to probe a second case of sexual assault against expelled Congress MLA Rahul Mamkootathil, police officials said on Friday.
The SIT will be led by G Poonguzhali, Assistant Inspector General at the Police Headquarters.
The team also includes a DSP rank officer and sub-inspectors, officials added.
The second sexual assault complaint was received by the Kerala Pradesh Congress Committee, which it forwarded to the state police chief.
ALSO READ: Cong expels rape-accused MLA Mamkootathil from party's primary membership
Following this, the Crime Branch registered a case and launched an investigation.
Crime Branch officials said the email complaint contained only the sender's email ID and no other contact details.
As part of the probe, they have sent a reply email requesting that the complainant contact them and provide her statement.
The complainant has alleged that she was sexually assaulted under the false promise of marriage, a Crime Branch official said.
However, details such as the location and date of the alleged incident are not currently available to the police.
The SIT will attempt to trace the sender of the email and record her statement, which is crucial for further investigation, the officer said.
Mamkootathil was expelled from the Congress party on Thursday after a court here rejected his anticipatory bail petition in another rape case.
Police said he is currently absconding, and a manhunt is underway in Kerala and neighbouring states.
