Crypto News Update
January 15 2018 - 2:57AM
RTTF2
South Korean authorities have slightly eased their stance
against cryptocurrencies as recent comments from the government
suggested that a proposed ban on digital currency exchanges is not
likely in the near future. The Singapore central bank chief was
positive regarding the future for blockchain, but less enthusiastic
about cryptocurrencies. Despite the meteoric rise in their value,
asset managers continue to avoid cryptocurrencies and the Indonesia
central bank also issued a warning against virtual currencies.
Here is a wrap up of main crypto market news over the last 24
hours:
1. South Korea To Slap Fines On Anonymous Virtual
Accounts
South Korean authorities are set to slap fines on those who will
not convert their virtual accounts into real-name ones, the Yonhap
news agency reported Sunday. Those trading in cryptocurrencies
should convert their virtual accounts into real-name ones within
this month. Those who fail to do so will have to face fines. The
amount of fine is yet to be determined, the report said.
Previously, the country imposed a fine of 60 percent of one's
financial assets on those violating the country's real-name
financial transaction system, the news report said. Meanwhile, the
government said on Monday that a ban on all cryptocurrency
exchanges will be decided only after sufficient consultation and
cooridnation.
2. Singapore CB Chief Hopes Crypto Tech Will Survive
Crash
Ravi Menon, who is the chief of the Singapore's de facto central
bank, expressed hope on Monday that technologies underpinning
cryptocurrencies and the blockchain would survive a crash in the
former, news agency Reuters reported. He said at a UBS Wealth
Insights event that he hoped an eventual crash in cryptocurrencies
will not undermine the much deeper, and more meaningful technology
associated with them. He also did not rule out the Singapore
central bank launching cryptocurrencies to sell directly to public,
but was doubtful whether it would be a good idea.
3. Asset Managers Shun Bitcoin
Six of the world's largest asset managers do not plan to invest
in Bitcoin, the largest digital currency by value, the Financial
News website reported on Monday. The London-based weekly newspaper
cited Schroders, Aviva Investors, Janus Henderson, M&G
Investments, Aberdeen Standard Life and Man Group as saying that
they have no involvement in the digital currency and no future
plans to invest in bitcoin.
4. Indonesia Central Bank Warns Against Virtual Currency
Transactions
Indonesia's central bank issued a warning against
cryptocurrencies on Saturday, saying they were highly risky, and
joining its counterparts in other countries in raising concern over
the excessive price surge in the unregulated digital currency
market. "Virtual currencies, including bitcoin, are not recognized
as legitimate instrument of payment, therefore not allowed to be
used for payment in Indonesia," the Bank Indonesia said in a
statement.
Current Prices
As of 8.56 am ET on Monday, Bitcoin was up 3.65 percent at
$14,136.17 and Ethereum was down 2.58 percent at $1,307.34 on
coinbase.
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