The legislative arm of the South Korean government will discuss cryptocurrency, blockchain, and ICOs as the country aims to fully embrace cryptocurrencies and blockchain technology by establishing an efficient regulatory mechanism. The “extraordinary session” which has already started on August 21 is purposely meant to target measures to aid the progress of digital currencies in the country.
The South Korean Parliamentary Extraordinary Session
The national assembly of South Korea centers its extraordinary session around cryptocurrency development in the country. The legislative session will be featuring a discussion on blockchain and cryptocurrency in South Korea, Initial Coin Offerings and the Jeju Island, a proposed unique hub to foster blockchain and cryptocurrencies in mainstream.
In it’s endeavor to be the leader in blockchain technology, the country has allocated a sum of 1 trillion won for fintech, future cars, drone, healthcare biotechnology, smart cities, smart factories, smart farms, and new energies for 2019. The tech development plan that is inclusive of blockchain will be discussed at the session, along with the status of Jeju Island proposed to become the hub of cryptocurrency development in the country.
Furthermore, an argument on the status of ICOs in the country is also expected to be on the agenda. Earlier in May, a proposal was slated by the National Assembly, which aims to uplift the ban on ICOs to aid the growth of crypto startups. The lifting of the ban will include terms of the operation of ICOs to avoid the catastrophe of scams that trail it in most countries.
Cryptocurrency Industry Status in Other Countries
Cryptocurrency industry is still considered to be in its nascent stage of development. Most countries are wary of giving cryptocurrency an official go-ahead because of its volatility and belief of it being a tool for the dark web users and drug dealers.
Despite this, the underlying technology, blockchain has seen wide acceptance as countries that have banned cryptocurrency are into annexing the advantages of the technology. Similar benefits of the technology lie in the cryptosphere even though not all countries are supportive, because of the decentralized advantages it gives to the masses.
The dedication of South Korea to annex the full advantages of cryptocurrencies will make it one of the best in the future along with some other countries leading the race.
Governments around the world could be supportive to cryptocurrency like South Korea does. As global adoption of cryptocurrencies is on the horizon, the time will justify the governments current positive sentiment.