South Korean Governor: Local Authorities should Interrupt Blockchain’s Regulatory Gridlock

Yes, there are various questions associated with blockchain which are still waiting to be answered but at the same time; a continuous increment in consent about the amazing potential of this technology can be observed. The blockchain is an ingenious technology which is not limited to a certain field. It has numerous applications in various sectors such as Finance, logistics, medicines, and intellectual property rights.

One of the assured steps to achieve the maximum utilization of blockchain technology’s potential is to combine cryptocurrency with blockchain. Blockchain technology imparts reliability to cryptocurrencies while, in return, cryptocurrencies allow a large variety of business models supporting blockchain’s growth. So, cryptocurrency and blockchain mutually help each other.

However, present economic and financial systems show a direct conflict with the new service models entitled by cryptocurrencies. It can be easily observed in the case of Initial Coin Offerings (ICOs). In initial coin offerings, one provides a new cryptocurrency or crypto token to investors in exchange against cryptocurrencies such as Bitcoin and Ethereum. So, here, cryptocurrency is used to increase capital in initial phases of a blockchain business.

Various countries in the world are taking part in the fight with the problem of how to stop laws and institutions to solve this conflict. Furthermore, several countries are making new systems to manage cryptocurrencies and ICOs.

In Korea, all kinds of Initial Coin Offerings got banned from September 2017. Since no proper law has been approved yet; cryptocurrencies and CIOs are still operating in the market. Many crypto related Korean organizations are operating from outside of the country as the government is not allowing cryptocurrency and ICOs.

Won Hee-ryong, present governor of South Korea’s Jeju Province, has talked to central government and Blue House on two ceremonies in August month of this year. According to Won Hee-ryong, Jeju should be officially declared as the special blockchain region.

He further talks about the aim of Jeju Province. He says that Jeju province has a solitary aim of recognizing and encouraging a wide range of blockchain projects with the help of proper coordination between public and private sectors.

Jeju is presently participating in discussions for launching blockchain in several sectors like traffic management, VAT refunds to foreign travelers and management of fragment batteries.

Blockchain technology has the amazing potential to boost the growth of industries across various sectors. It applies to a variety of sectors such as Finance and medicines.