2 years ago
Five South Korean cryptocurrency exchanges precocious said they volition delist litecoin due to the fact that the crypto asset’s Mimblewimble Extension Blocks (MWEB) upgrade violates the country’s laws. As a result, the exchanges’ users cannot usage the Korean won to commercialized the crypto asset, which has since been named a “dark coin.”
Upgrade Violates Specific Financial Information Act
Following the caller Mimblewimble Extension Blocks (MWEB) upgrade to litecoin, 5 of South Korea’s large cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, responded by announcing that they would delist the crypto asset. The exchanges reason that the upgrade has made litecoin transactions anonymous, which is against the country’s laws.
According to a News1 report, the anonymity that was brought astir by the Mimblewimble upgrade violates a proviso successful the Specific Financial Information Act which stipulates that cryptocurrency exchanges cannot grip crypto coins that fell transportation records.
In a statement, Upbit reportedly said:
According to the Special Act, exchanges indispensable cheque whether the transmission records tin beryllium verified for integer assets with anonymous transmission technology, and instrumentality due measures if anonymous transmission exertion is found.
In May, a statement from the Litecoin squad said the “highly anticipated” MWEB upgrade had been activated. The connection explained that the upgrade “is a fungibility-improving exertion that enhances confidentiality betwixt the senders and receivers successful a transaction.” The magnitude being sent is lone known betwixt the sender and receiver, the connection added.
However, arsenic a effect of this upgrade that has seen LTC being labeled a acheronian coin, users successful South Korea cannot commercialized the crypto plus utilizing the won currency connected these exchanges. Nevertheless, the News1 study said the exchanges person resolved to proceed supporting LTC withdrawals for astatine slightest a month.
What are your thoughts connected this story? Let america cognize what you deliberation successful the comments conception below.
English (US) 