South Korea should loosen the grip on crypto industry - Vitalik Buterin

  • The founder of Ethereum voiced his position in front of the South Korean parliament.
  • Crypto winter helped to improve the stance of the industry.

Ethereum’s creator Vitalik Buterin urged the government of South Korea to drop its tough approach towards blockchain and cryptocurrency industry as counter-productive. 

Speaking in front of the South Korean parliament, he said that the country could not promote blockchain technologies and ban digital assets at the same time. According to Mr. Buterin these two concepts are interconnected and inseparable, the local media outlet News1 reported.

The Canadian mathematician and developer explained that the speculative boom on ICO market was over, while the whole industry had outgrown some of its “teething problems”. The strong price decrease dubbed as Crypto Winter eventually made the industry more stable and mature, while the market players became more responsible and less prone to hype and speculations.

It is worth noting that this position is supported by some South Korean politicians. Thus, the co-president of the 4th Industry Forum of the National Assembly, Song Hee-kyong believes that the government misunderstood the nature of digital currency. He believes that the restrictive approach limits the industry development within the country.

 

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