Bank of Korea to Monitor Crypto Transactions Using Financial Records
South Korea’s monetary policy regulator, Bank of Korea, plans to obtain documents from financial institutions to track crypto transactions involving bank accounts. Cryptocurrency prices fluctuate independently from the real economy, the bank says, adding that market growth could pose a risk to the country’s financial system. South Korean Central Bank to Intensify Screening of Crypto-Related Bank Records The central bank of South Korea intends to exercise its powers to conduct monitoring of crypto transactions through real-name bank accounts, according to a paper sent to an....
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South Korea’s central bank is the latest entity seeking powers to monitor crypto trading activity in the country. The Bank of Korea reportedly has plans to maintain strict oversight on crypto trading activity via real-name bank accounts.According to a report by The Korea Herald on Thursday, the BOK is seeking authority under Article 87 of the country’s central bank Act, stating: “We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts.”The above comments are....
Non-financial technology companies with a growing expertise in FinTech (financial technology) will play a bigger role in shaping South Korea’s financial industry, according to the country’s central bank. In a recent report by the Bank of Korea, the central bank sees non-financial, technology-oriented companies to make a big splash in the country’s financial industry. “Nonfinancial institutions that have the technology will play a bigger role in business such as consumer banking, money transfers and transactions, investments and asset management that are currently mainly run by financial....
The Central Bank of Russia has started to examine the operations of Russian banks with cryptocurrency exchangers, according to local media. Transactions between individuals through these platforms are of particular interest as the regulator believes these carry risks of financial losses and fraud.
Central Bank Asks Russian Banks for Details on Crypto-Related Transactions
In late December, the Central Bank of Russia (CBR) sent commercial banks a new reporting form for transactions, seeking information about money transfers related to crypto exchange websites. These are mostly....
But the threats by North Korea extend to the cyberspace department as well. South Korean officials claim the North has “an effective cyber army”, which has been responsible for various attacks over the past few years. The war between North Korea and South Korea is still going on behind the scenes to this very day. A new report surfaced as to how North Korean hackers stole data of over 10 million South Korean shoppers. While these claims have yet to be proven, the police are investigating the data breach. Once again, this is a clear example of how more secure solutions are needed to....
A new report undertaken by the Bank of Korea recommends that the central bank monitor developments in the blockchain space and even undertake its own research into the technology. Authored by Dong sup Kim of the bank's Payment Systems Research Team, the paper sets out by introducing cryptocurrencies and distributed ledgers before attempting to predict the future for the technology. Regarding digital currencies, the report does not see these applications of the technology becoming widely used anytime soon. Citing high price volatility, technical complexity, the risk of hacking or the loss....