South Korea should loosen the grip on crypto industry

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.

Share: Cryptos feed

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.

Join Telegram