Bitcoin, Crypto currency, Blockchain

South Korea: Parliament is seeking to overturn ICO-ban

In South Korea, a ban for Initial Coin Offerings since the end of 2017 – as in China. An Initiative of the South Korean Parliament is now working to overturn this ban. As justification, the deputies state that they see the development of the Blockchain technology by the ICO prohibition affected.

The Older ones will remember: September 2017 was not a good month for the crypto-Economy. This was mainly due to the people’s Republic of China, the ban initially, all of the Initial Coin Offerings in the country, and a little later also of the crypto-exchanges of the country referred to. Quasi-in the wind shadow of big neighbours South Korea, the local crypto-Economy to put some chains and, in turn, a ban on Initial Coin Offerings.

Parliamentarians align Blockchain-Forum

Now, however, the ICO prohibition could falter. As the Korean newspaper “Business Korea” reported, two members of the Korean national Assembly. Your goal is the lifting of the ban is, as you have this identified as harmful to the native Blockchain Economy.

Min Byung-doo and Roh Woong-rae are members of the social-liberal Deobureo-minju-President’s party, Moon Jae-in. Thus, the two MPs belong to the camp of the ruling party. Both of them were in this week, a Blockchain-Forum in the Parliament library. Also the three Korean representatives of interest groups Korea Blockchain Industry Association, Korea Blockchain Industry Promotion Association and the Open Blockchain Industry Association supported the event.

ICO-ban harms Blockchain-adaptation

In the framework of the event the two members were strongly in favour of an end to the ICO prohibition, and for a further Opening of the country to crypto-currencies. The government have done anything in over a year for the growth of the Blockchain-sector, what is the competitiveness loss. So the South Korean Blockchain is de-energized technology on 75 percent of U.S. Levels.

“As Blockchain and crypto-currencies have advantages and disadvantages, can only handle self-conscious governments are using them correctly. An example of this is Singapore, Switzerland, and France. These countries have made the way for regulated ICOs free“,

so Min Byung-doo.

“After the government has banned ICOs, Blockchain-Start-ups abroad. There are growing concerns that the provisions of the government nip the Bud of the Blockchain-industry, a key sector of the Fourth Industrial Revolution,“,

adds Roh Woong-rae.

Together, they want to bring in a bill in Parliament, of the government for the easing of the ICO continues for a ban. This is a proposal that the government set up a working party to explore the possibilities of crypto-currencies and ICOs. A public hearing is scheduled for November.

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