Cryptocurrency Controls

[Anchor Lead]

The real-name authorization system for cryotocurrency transactions took effect on Tuesday as part of the government's efforts to prevent speculation in the market. Here’s more.

[Pkg]

This bank has a deal with a cryptocurrency exchange for opening financial accounts for its users. On Tuesday, a real-name authorization system for virtual currency transactions took effect. Cryptocurrency exchange users who had no accounts in the bank had to create new accounts and receive real-name authorizations in order to perform cryptocurrency transactions. But surprisingly, the bank had fewer customers than before.

[Soundbite] (Bank Staff) : "One of our customers who wanted to open an account left after we told him that the maximum limit is 300,000 won. He said it was not enough for him."

This is because customers who want to perform large-sum transactions are required to submit their employment certificates or income verification documents, and create salary or credit card payment accounts. This means that it has become more difficult for students and homemakers to perform cryptocurrency transactions. Virtual currency exchanges are receiving more phone inquiries now, but there has been no confusion so far.

[Soundbite] (Cryptocurrency Exchange Staff) : "Our customer center has been receiving more inquiries than usual, about 30 percent more. But there is no confusion thus far."

Banks and currency exchanges have started to switch their customers' accounts into ones with authorized real names. However, some exchanges may suspend transactions, as banks are refusing to open new virtual accounts for their users.