In the latest news regarding South Korea banning Bitcoin, officials told that they can only allow accounts if the user is using his/her real name while making any transactions. They said that this masking around Bitcoin transactions should be removed.
This will allow banks to make sure that while a user is making any cryptocurrency transaction though his/her bank account, the account must be named as of his/her Real Name. The deadline for this process to take effect is 30th January, 2018. After that only account with Real User Name will be allowed to make CryptoCurrency transactions.
As stated by Kim Yong-Beom, ( Vice Chairman of Financial Services Commission ) that Alias or Name on any virtual coin exchange wallet and bank account needs to be the same for any cryptocurrency transaction to take effect.
President Moon Jae-In have recently warned regarding virtual currencies that they are causing obscuring across the nation.
Earlier this month, Seoul news caused Cryptocurrencies to free fall and investors got they money out from major coins.
Bitcoin dropped below $10,000, while ethereum dropped below $1,000. As of today both coins have recovered some.