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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Assam to lift all cases against Koch Rajbongshis in Foreigners' Tribunals: CM Himanta Biswa Sarma
Guwahati, Apr 4 (PTI): The Assam cabinet has decided to lift all cases pending against people from the Koch Rajbongshi community in the Foreigners' Tribunals, Chief Minister Himanta Biswa Sarma said on Friday.
They will also no longer carry the tag of 'D' or doubtful voters, he said.
''There are 28,000 cases pending in different Foreigners' Tribunals in the state against people of the community. The cabinet has taken a historic decision of lifting the cases with immediate effect,'' Sarma said at a press conference here after the cabinet meeting.
The government believes that the Koch Rajbongshis are an indigenous community of the state and they are an inextricable part of ''our social and cultural fabric'', he asserted.
The people of this community are poor and have suffered a lot over the years, he said.
''They will no longer carry the tag of foreigners or ‘D’ voters,'' the CM said.
Foreigners Tribunals are quasi-judicial bodies, particularly in Assam, established to determine if a person residing in India is a "foreigner" as defined by the Foreigners Act of 1946, based on the Foreigners (Tribunals) Order of 1964.
These tribunals are designed to address matters related to citizenship and the presence of “foreigners” in India, specifically focusing on cases where someone is suspected of being an illegal immigrant.
There are 100 Foreigners’ Tribunals across Assam.
The Koch Rajbongshis have a sizeable presence in Assam, West Bengal, Meghalaya, and parts of Bangladesh, Nepal, and Bhutan, and they demand Scheduled Tribe status.
