Bitcoin, Crypto currency, Blockchain

Vice President of Ripple to South Korea: crypto-currencies are not over-regulate

Compared to the Korean Times has said of the Senior Vice President of Ripple critical of the regulatory measures in South Korea. If it comes to it, should be the focus of the South Korean authorities prefer to protect the users, to adopt, instead of the overly harsh regulatory measures.

South Korea is one of the currencies of the most important markets in the world for Crypto. With regard to the regulation of crypto-currencies, the Korean government to assume a pioneering role.

After the end of last year was still under discussion, a complete ban on crypto-currencies, crypto currencies in the Qur’anic financial industry. However, new news about regulation on an almost weekly basis to read measures and guidelines for cryptocurrency exchanges.

As the country has imposed since last September, a total ban on the use of Initial Coin Offerings (ICOs), Blockchain-companies, their ICOs in Singapore or in Switzerland. To prevent this migration movement, and to promote Blockchain-related businesses, has made the national Assembly a proposal to legalize ICOs in South Korea.

In the framework of which the Senior Vice President, Ripple said Eric van Miltenburg, and stated that South Korea should mitigate his reactions to the crypto currency market and focus instead on the protection of the user should concentrate.

In a recent Interview with the Korea Times, van miltenburg said that he see a Parallel between the current crypto currency boom and the early stages of the Internet boom in the early 2000’years. Governments should therefore focus more on the positive effects that can bring about the Blockchain and crypto currency technology.

We think that there is a regulation needs to be, balancing the need to protect the consumer, without blocking Innovation or to prohibit. We have seen that in other countries and in other technologies, where it has found a Balance. Honestly, if one thinks of the early Internet age, there were some people who responded only to the negative aspects of the Internet and said we should close It takes a while until we figure out what is going on and what is good and what is bad.

Although the blanket ban on crypto-currencies, due to strong Opposition from politicians and the General Public not entered into force, the tensions between the political class and the stock markets is still high. The recent Hack of Coinrail, has certainly not helped to alleviate this. Even the largest crypto-currency exchange by trading volume, Binance, fled to Malta to escape the harsh regulatory measures in South Korea.

Van Miltenburg from the led to the Korean Times that more people need to realize the true Benefits of Blockchain technology:

I think around the world there is a lot of enthusiasm and enthusiasm for this new technology. Frankly, it is important that more people understand the real use cases of Blockchain technology. It is not a question of studying the theories around the Blockchain, but about how to use the Blockchain in a way that is useful and a real value for the customer and the company.

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