- A representative of South Korea’s ruling Democratic Party of Korea has promised to make a major shift in its crypto-asset (virtual currency) policy.
- This makes the power shift from West to East more obvious Day by Day.
- The government claims that it’s time to stop crypto-asset regulation and “cultivate” the industry.
- Democratic candidates for the presidential election on March 8 have already indicated that they will consider distributing tokens to all citizens.
A representative of South Korea’s ruling Democratic Party of Korea has promised to make a major shift in its crypto-asset (virtual currency) policy. The government claims that it’s time to stop crypto-asset regulation and “cultivate” the industry.
Crypto’s Scope in South Korea as South Korea Crypto Industry scale up.
As in past reports, the Democratic Party is still trying to cling to the administration after the 22nd election, and is keenly aware that the current president Moon Jae-in’s hard-line stance on regulation is unpopular. Democratic candidates for the presidential election on March 8 have already indicated that they will consider distributing tokens to all citizens.
Also Read : US politicians speak against cryptocurrency, one after another.
According to Yonhap News Agency, Democratic Party representative Song Young-gil said, “We need to establish a BC department in Busan, where the government is the second largest city in South Korea and has a BC (blockchain) regulatory freedom zone.” Said. The move claims to help the country “prepare” to become more competitive in the “digital currency” space.
In the Democratic Party’s astonishing turn, Song said he must recognize that “cryptographic assets” and “BC technology” are “both sides of the coin.” The Bun administration and key regulators have argued that it is desirable to promote private BCs rather than tackling the already popular decentralized protocols. This attitude has even been criticized by Ethereum (ETH) co-founder Vitalik Buterin, who visited Seoul in 19 years .
At the event held in Busan, Mr. Song expressed a hostile attitude toward the policy of the Moon administration and the response to Busan City as a special free regulation zone, and stated as follows.
“Busan was designated as a BC Free Zone in 2019, but the (intended) result is obtained because the government has negatively interpreted digital asset transactions and is developing BC technology while curbing digital assets.
Busan tried to achieve great achievements such as partially withdrawing the total ban on ICO (Initial Coin Offering, financing using crypto asset technology), but the central government decided to focus on private BC. Limited.
Meanwhile, the Bank of Korea (BOK), the central bank of South Korea, plans to announce the full picture of the digital won plan in 2010 after completing a six-month demonstration test.
Money Today reports the remarks of Deputy Governor Bae Jun-suk of the Bank of Korea.
Cryptocurrency can destabilize international currency markets as well as states. Previous US Secretary of State Hillary Clinton alerted regarding the threats of electronic assets on the Bloomberg New Economic situation forum, New York Times journalist Ben Smith claimed on his Twitter account.
” What looks extremely intriguing and exotic … could threaten money, undermine the dollar’s function as a get currency, and undercut nations,” Clinton said. “An entire new degree of task has actually emerged, which can be very devastating as well as, in the wrong hands, can posture a direct hazard to many countries as well as, of course, to international money markets.”
The Federal Bureau of Investigation (FBI) disagrees with Adeyemo’s viewpoint. In November, the FBI stated that cyberpunk attacks, which position a threat to the nationwide economic climate, continued to be constant due to the rise in the price of bitcoin (BTC) and also various other cryptocurrencies. The increase in the value of electronic assets, according to the federal government agency, has strengthened the networks of cybercriminals.