Closing Virtual Accounts: KDB to Stop Digital Currency Business from Next Year | BusinessKorea

Monday, January 22, 2018

The Korea Development Bank (KDB) will not only stop opening new virtual accounts for digital currency exchanges but also close virtual accounts opened from early next year.
The Korea Development Bank (KDB) will not only stop opening new virtual accounts for digital currency exchanges but also close virtual accounts opened from early next year.
Seoul, Korea
13 December 2017 - 9:45am
Yoon Yung Sil

The Korea Development Bank (KDB) will stop all the businesses related to cryptocurrency transactions, including bitcoin, from January next year.

According to the KDB on December 12, the bank will not only stop opening new virtual accounts for digital currency exchanges but also close virtual accounts opened from early next year. In short, it is fundamentally impossible to sell and buy virtual currencies through the KDB. The bank has issued virtual accounts for cryptocurrency exchange Coinone from June last year.

An official from the KDB said, “With various side effects related to digital currency transactions having become a serious social issue, it is not advisable for the government-run bank to be part of it.”

The latest decision seems to come after the announcement of the Financial Services Commission (FSC) on the 11th. Previously, the FSC said it won’t allow domestic financial institutions to trade digital currencies.

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