- The Korean Presidential Committee wants to keep Korea at the forefront of blockchain technology.
- The committee urges the government to improve regulatory procedures.
On the fourth Industrial Revolution, Korea’s Presidential Committee suggested that the Korean government should make cryptocurrencies legal. According to the committee, this will help the country in remaining at the forefront of innovation in the sector.
As per local reports, the committee stressed on the significance of blockchain technology in the upcoming fourth industrial revolution. The committee remarked that the regulatory procedures in the country should be improved to boost innovation, including those that develop cryptocurrencies. The committee said:
The government should secure legal status for crypto assets as soon as possible, and seek tax and accounting measures for them.
The committee made the declaration at the fourth Industrial Revolution Global Policy Conference. It was held in the Korean capital of Seoul last Friday. During the conference, the committee stated that it is crucial to maintain harmony between social and industrial innovation as it is essential for growth. The committee was also concerned that initial measures that were taken by the government to subjugate speculation will reel back. This will have an adverse effect on the global competitiveness of Korea’s blockchain and cryptocurrency industries.
In response, the committee suggested that the government should prepare for future opportunities by regulating cryptocurrencies. The committee also proposed that the blockchain startups should be allowed to operate in regulatory sandboxes. Mr. Lee, Gong-joo, advisor to the President for science and technology, was also present at the conference. He said:
Thank you very much for your efforts. We will actively consider ways to make this possible.
Previously, China President Xi Jinping had also given a speech on the virtues of blockchain technology. According to him, the adoption of blockchain technology will make China stay at the top. Several local governments in China are getting involved with blockchain technology as well.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.