A call to the government of Korea to help regulate crypto


The Blockchain Enterprise Promotion Association of Korea have raised their voice towards the state of Korea to speedup the implementation and adoption of blockchain technology and cryptocurrencies.

As the news the association have filed a document demanding from the government to enable regulations of this new technology in order for all to benefit from possibilities that it brings, not like the focus centered on the negative “short-term side effects.”

The demand for a governmental regulatory action on blockchain technology, cryptocurrencies and initial coin offerings (ICO) has been sharp, insisting that the movements asked from the government will increase employment and as they say “pave the way for Korea to lead the world in the fourth industrial revolution.”

The president of the association, Yoo Joon-sang has presented the fact the many other countries are actively working on implementation of blockchain technology “to all aspects of society including health care, retail and logistics,” and continued:

“Instead of welcoming the people’s fervor for the technology, the government is focused on controlling it to address negative short-term side effects. This is essentially kicking away the economic opportunities that lie in front of us.”

The association has been formed on July 17 2018 as the interest for use of distributed ledger technology (DLT) increases.

The members of the association are consisting of former politicians like Ryu Keun-chan, a National Assembly member and Lee Soo-sung, a former prime minister but also from academics like Kim Hyoung-joong, the head of the Korea University Cryptocurrency Center at the Graduate School of Information Security.