Yesterday, Korea’s National Assembly opened its August provisional session (*article in Korean). One of the main items on the agenda will be cryptocurrency legislation, accelerating the discussion on blockchain industry and token sales in the country.
One thing to pay attention to is how the Korean government plans to differentiate cryptocurrency from blockchain technology. Until now the government has regarded blockchain as an innovative, next-generation technology to lead the Fourth Industrial Revolution.
Cryptocurrencies, however, have been portrayed negatively since the bitcoin frenzy last year. Since the ICO ban, crypto has been considered something to regulate, not to encourage.
So, will the National Assembly be able to reach a consensus? Let’s wait and see…
Localization of Decentralization in Jeju Island
Jeju island, known for its superb natural landscapes, recently came up with an ambitious plan to become Korea’s ‘crypto island‘. Governor Hee-ryong Won is also establishing a task force to propel blockchain development forward.
Earlier this year, Seoul also announced its plan to launch its own cryptocurrency, dubbed the S-coin. It is supposed to be used as a part of a city-funded social benefits program, and is currently under discussion.
Do local governments actually believe in the potential of blockchain? Or are they just hopping on the MOONwagon?
Other Korean Blockchain News
(By Wolfie Zhao, Coindesk)
(By Samburaj Das, CCN)
(By Simon Golstein, Finance Magnates)
(By Joseph Young, CCN)
What’s with this post? Many of our readers have asked for updates on the Korean crypto landscape. Let us know what you think should we HODL on to this as a weekly feature?