Korean Finance Minister Gives Banks the Thumbs Up to Allow Crypto Exchanges to Bank With Them

Figured that this was information worth sharing with the r/bitcoin reddit community today.

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I'm a reporter and I recently wrote an article about the South Korean Finance Minister announcing that he would allow the banks to grant crypto exchanges permission to open accounts once again with them so long as they can ensure that they are following proper KYC/AML procedures.

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Here's the article on this: https://blog.zerononcense.com/2018/10/31/south-korean-finance-minister-announces-banks-in-south-korea-can-host-crypto-exchange-accounts/

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Here's the original source where I heard this information (from Joseph Young on Twitter): https://twitter.com/iamjosephyoung/status/1057354278581415937

Here is the article (written in Korean, you'll have to use Google Translate): https://tokenpost.kr/article-4672

If you look at the article that I wrote above, I provide graphics from CryptoCompare that show the variations in the influx of KRW before, during, and after the bank prohibition on crypto exchanges in South Korea. The article goes more into depth on what this may potentially mean for Bitcoin.

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Obviously, as many have surmised, this could be have a positive impact on the price of Bitcoin in the long-term since this will supply more buy volume into the markets.

Submitted November 01, 2018 at 12:45AM by queen_carter http://bit.ly/2Pv7DAt