South Korea Seeks to Ban Anonymous Cryptocurrency Accounts

January 15

As previously previewed, Yohap News Agency has reported that cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones.  The move comes as South Korea is scrambling to rein in the virtual currency, including preparations for a bill to ban cryptocurrency exchanges at home.  According to the authorities, cryptocurrency traders will be allowed to convert their virtual accounts into real-name ones within this month, but those who refuse to accede to real-name identification will face fines.

In Indonesia, Bank Indonesia affirmed on Saturday that virtual currencies, including Bitcoin, are not recognized as legitimate instruments of payment and are therefore not allowed to be used for payment in Indonesia.

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David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.

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