THELOGICALINDIAN - Five South Korean cryptocurrency exchanges afresh said they will delist litecoin because the crypto assets Mimblewimble Extension Blocks MWEB advancement violates the countrys laws As a aftereffect the exchanges users cannot use the Korean won to barter the crypto asset which has back been called a aphotic coin
Upgrade Violates Specific Financial Information Act
Following the contempo Mimblewimble Extension Blocks (MWEB) advancement to litecoin, bristles of South Korea’s above cryptocurrency exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, responded by announcement that they would delist the crypto asset. The exchanges altercate that the advancement has fabricated litecoin affairs anonymous, which is adjoin the country’s laws.
According to a News1 report, the anonymity that was brought about by the Mimblewimble advancement violates a accouterment in the Specific Financial Information Act which stipulates that cryptocurrency exchanges cannot handle crypto bill that adumbrate alteration records.
In a statement, Upbit reportedly said:
In May, a statement from the Litecoin aggregation said the “highly anticipated” MWEB advancement had been activated. The account explained that the advancement “is a fungibility-improving technology that enhances acquaintance amid the senders and receivers in a transaction.” The bulk actuality beatific is alone accepted amid the sender and receiver, the account added.
However, as a aftereffect of this advancement that has apparent LTC actuality labeled a aphotic coin, users in South Korea cannot barter the crypto asset application the won bill on these exchanges. Nevertheless, the News1 address said the exchanges accept bound to abide acknowledging LTC withdrawals for at atomic a month.
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