South Korea is considering lifting the ban on cryptocurrencies
South Korea could lift the cryptocurrency ban
The Financial Supervision Service of South Korea, last week, said that the country is considering ways to support the development of blockchain in the country and reconsiders its position towards cryptocurrencies. The country had prohibited the use of cryptocurrencies and ICO, but He seems to have realized that they may end up behind in a technology that does not seem to disappear in the near future.
The science ministry announced that it would allocate 4.2 billion won (3.9 million dollars) for the development of industries related to blockchain.
Park Sung Joon, a professor at Dongguk University in Seoul who has been involved in blockchain research, said the government should lift the ban to allow industrial-level participation in the progress made in this field.
Dongguk University about cryptocurrencies
Park said South Korea could be delayed since the country and China have banned ICOS. He said the blockchain budget by the government is ridiculously small compared to what many other countries can achieve as they are taking advantage of the initial offers of coins to raise millions of dollars.
Although some market observers are pushing for the lifting of the ban, a legislative examiner of the national assembly, Won Jon-hyun, said it was premature to discuss the lifting of the ban because cryptocurrencies remain highly unstable and would likely impact IPOs. , the traditional method of initial fundraising.
Korean companies have participated in ICOS despite the ban and some have been active raising funds through the system, but have already received warnings from the FSC, which is the Financial Services Commission in that country.
There are also sources that say that even if the ban were lifted, foreigners would not have permission to trade with cryptocurrencies to avoid the possibility of using them to launder money.