Crypto News Update

South Korean authorities have slightly eased their stance against cryptocurrencies as recent comments from the government suggested that a proposed ban on digital currency exchanges is not likely in the near future. The Singapore central bank chief was positive regarding the future for blockchain, but less enthusiastic about cryptocurrencies. Despite the meteoric rise in their value, asset managers continue to avoid cryptocurrencies and the Indonesia central bank also issued a warning against virtual currencies.

Here is a wrap up of main crypto market news over the last 24 hours:

1. South Korea To Slap Fines On Anonymous Virtual Accounts

South Korean authorities are set to slap fines on those who will not convert their virtual accounts into real-name ones, the Yonhap news agency reported Sunday. Those trading in cryptocurrencies should convert their virtual accounts into real-name ones within this month. Those who fail to do so will have to face fines. The amount of fine is yet to be determined, the report said. Previously, the country imposed a fine of 60 percent of one's financial assets on those violating the country's real-name financial transaction system, the news report said. Meanwhile, the government said on Monday that a ban on all cryptocurrency exchanges will be decided only after sufficient consultation and cooridnation.

2. Singapore CB Chief Hopes Crypto Tech Will Survive Crash

Ravi Menon, who is the chief of the Singapore's de facto central bank, expressed hope on Monday that technologies underpinning cryptocurrencies and the blockchain would survive a crash in the former, news agency Reuters reported. He said at a UBS Wealth Insights event that he hoped an eventual crash in cryptocurrencies will not undermine the much deeper, and more meaningful technology associated with them. He also did not rule out the Singapore central bank launching cryptocurrencies to sell directly to public, but was doubtful whether it would be a good idea.

3. Asset Managers Shun Bitcoin

Six of the world's largest asset managers do not plan to invest in Bitcoin, the largest digital currency by value, the Financial News website reported on Monday. The London-based weekly newspaper cited Schroders, Aviva Investors, Janus Henderson, M&G Investments, Aberdeen Standard Life and Man Group as saying that they have no involvement in the digital currency and no future plans to invest in bitcoin.

4. Indonesia Central Bank Warns Against Virtual Currency Transactions

Indonesia's central bank issued a warning against cryptocurrencies on Saturday, saying they were highly risky, and joining its counterparts in other countries in raising concern over the excessive price surge in the unregulated digital currency market. "Virtual currencies, including bitcoin, are not recognized as legitimate instrument of payment, therefore not allowed to be used for payment in Indonesia," the Bank Indonesia said in a statement.

Current Prices

As of 8.56 am ET on Monday, Bitcoin was up 3.65 percent at $14,136.17 and Ethereum was down 2.58 percent at $1,307.34 on coinbase.