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Woori Bank and Korea Development Bank to Close

15:30 December 13, 2017 replay time01:42

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Virtual Currency Accounts


Woori Bank and Korea Development Bank, which offered "virtual accounts" in the virtual currency markets, decided to stop issuing bank accounts by the end of this year.

The banks began restricting transactions as they deemed that the virtual currency market has practically turned into a market of speculation.

Kim Hye-young has more.


Woori Bank has been providing virtual accounts in three markets, including Korbit, but decided to close all virtual accounts within the year.

Closing the virtual accounts essentially means restricting the trade of virtual currency.

Korea Development Bank has been also issuing virtual accounts at Coinone, which it also will close within the year.

The Industrial Bank of Korea decided not to add any additional virtual accounts other than those that are currently open and operating.

This means that it will not accept any new members.

Shinhan Bank and NH Bank has been providing virtual accounts in two virtual currency markets and the attention falls on whether these banks will join the efforts to close down virtual accounts in the future.

The banks also began restrict overseas wire transfers related to virtual currency.

The banks gave directives to each of their branches to reconfirm the purpose of wire transfers with the customer when the transaction is suspected to be a virtual currency transaction.

There is no separate "Reason Code" to be entered for overseas wire transfers for virtual currency transactions and the banks aimed at the practice of customers entering other codes instead.

According to the Foreign Exchange Transaction Act, a person should clearly reveal the purpose of wire transfers when sending money overseas and the banks must enter the "Reason Code" for the corresponding purpose.

The outline of the government regulations targeting the storm of bitcoin and other virtual currencies are projected to be revealed by this week.

The joint task force between virtual currency-related government institutions will hold a meeting presided by the Ministry of Justice this coming Dec. 15 and will discuss plans for highly restrictive regulations.

Kim Hye-young reporting for Yonhap News TV.

Yonhap News TV: 02-398-4441 (Inquiry on article/Report) KakaoTalk/LINE jebo23

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