South Korea to Introduce Cryptocurrency Tracking Model in 2023
Through its virtual money tracing system, the South Korea will commence monitoring every virtual transaction. Activities that will be performed in this system include the individual’s transaction history, tracing and monitoring the funds’ origin, and extracting important data linked to this transaction. And to prove this system’s effectiveness, it can trace the whole funds movement up to the remittance point.
This project was conceived by the South Korean government but with strict supervision of the country’s justice ministry. While announcing this development, the country’s ministry of justice said that this project would prevent any money laundering activities and would play a huge role in the recovery of stolen funds caused by cyberattacks.
According to the country’s local media outlets, the planned system is scheduled to be introduced in the first quarter of 2023. The ministry also shared its program for creating an independent tracking system that can also analyse the whole financial transaction in the second quarter of this year.
A translated version of the statement made by the ministry says that this virtual tracking project is in response to the growing sophisticated crimes that have been going in in the country for some time now.
The statement also revealed the country’s preparedness to improve its forensic equipment. It assured the citizens that the government is working hard to create a criminal justice system that rhymes with global standards.
In response to these promises, the government, through the police, has partnered with five indigenous cryptocurrency exchangers to provide a safer trading atmosphere for cryptocurrency investors by helping in crypto theft investigations.
North Korea has suffered a huge loss from crypto theft by anonymous hackers. Recall that the country’s Supreme Court had once asked one of the top cryptocurrency exchanges, Bithumb, to compensate the victims numbering 132 with $6.4k over a service outage that lasted one and a half hours.
Reacting to the development, stockholders in South Korea’s cryptocurrency industry have responded positively to the new initiative by the government, confessing that it will go far in reducing the amount they lose due to recurrent crypto cyberattacks.
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