Cryptocurrency investors from South Korea face fines for anonymous accounts

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The unnamed authorities said that investors and traders with cryptocurrencies will be allowed to convert their virtual accounts into real name accounts before the end of January, but if this is not done, they will be fined, according to a Yonhap News report. The report indicates that the amount of the fine is not yet complete.

The news was announced when Korean banks switched to phasing out anonymous accounts in virtual currency in accordance with the government's announced plan to reassure what it perceives as an overheated cryptocurrency market.

According to The Korea Times, however, Shinhan Bank said that on January 12, it does not intend to enter the authentication service for deposits and withdrawals from virtual bank accounts - in fact, excludes the opening of new virtual accounts even in identification.

In other news, the Korean government again seems to be trying to calm the markets after the minister of justice passed a plan to ban trade on the exchange of cryptocurrency - a statement in which prices for cryptocurrencies sliding.

The termination plan was met by the opposition of both politicians and citizens of the country, more than 100,000 of whom signed a petition demanding that the government withdraw from the measure.