October 23, 2018

South Korea Find Crypto To Be Exceeding Expectations

South Korea Find Crypto To Be Exceeding Expectations

Crypto currencies have been receiving a large amount of spotlight within the financial world and the political arenas as of late thanks in part to the growing interest of consumers and businesses to partner with crypto payments. The demand is growing exponentially, but even as demand grows, questions of the future grow at the same rate or faster. Hence, many governments and private companies around the world have established committees to research the future of blockchain technologies, uses for crypto, security within the crypto sector and much, much more. In a recent panel held in South Korean government, certain people have come together to make an unprecedented and quite frankly bold move.

A New Step

These people are planning on investigating a set of procedures for the South Korean government to work on formulating a possible new batch of legislation that would grant ICO’s and crypto start-ups the chance to spread their wings. The ultimate aim is eventually to turn over the current laws revoking any possibility of cryptocurrencies existing within the framework of the South Korean private or state sectors.

The Session In Review

The article out of Business Korea states that cryptocurrencies will be discussed in a mini-sitting of parliament – mini being the operative word, as anything over a month is considered a full-length sitting. A variety of delegates have been invited, these include panellists from many opposing viewpoints and expertise levels, including many experts within the business world itself.

The news is not surprising, as it is, the legislators of the world are moving in to review the legislation surrounding ICO’s and have begun to identify ways to promote rather than inhibit the innovative new form of digital transactions. The legislation makers who will be sitting within the parliamentary session have decided to call on representatives of the Ministry of Science and the Information and Communications Technology or ICT Ministry for guidance on how best to present this new framework.

The Agenda Is Out

One of the main things that will be discussed within these sessions is how best to safeguard the interests of investors, both investment groups and individuals acting on their own personal behalf. In addition, one of the agenda items will include a newly requested idea from the governor of Jeju Island who has asked that a safe haven for cryptocurrencies and blockchain be erected on the island. In this safe haven crypto start-ups will gain the opportunity to explore avenues to seek means to raise funds for their businesses in spite of the current prohibition within the rest of the country.

The idea is certainly appealing to many start-up business owners eager to look to alternatives means to gain investment for their new business ideas. However it is unclear as to yet the likelihood of the success of this proposal. Yet, of course, one has to be optimistic, the panel is doing something entirely unexpected and quite brave in a world that seems fiercely determined to stick to their traditional forms of currency. In other words, we will have to watch and see, but in the meantime here’s hoping.

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