South Korea to require real-name transactions in cryptocurrency trading

The government said Thursday it is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb virtual currency speculation.

Hong Nam-ki, minister of the Office for Government Policy Coordination, made the announcement after a meeting of vice ministers from related ministries, saying the government "can't let this abnormal situation of speculation go on any longer."

Under the measure, only real-name bank accounts and matching accounts at virtual currency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned, Hong said. (Yonhap)