Korea Blockchain Enterprise Promotion Association calls for more participation from the Government in the measures which are to be taken. This association has urged the government of Korea to look into the regulation that is required in the sector of cryptocurrency. The government has raised issues related to the shortcomings of cryptocurrency but has failed to address them through the right kind of means. It is for this reason that the association has urged the government to do more than simply point out the short comings of cryptocurrency. This was in response to government stating that cryptocurrency will have “side effects”.
This association has stated that it demands the government to regulate various aspects of cryptocurrency as well as Blockchain technology. It should also focus on the operations of the Initial Coin Offerings and the manner in which they can be regulated better. However, the aims of the association do not stop at this. It has the ultimate goal of creating more employment through the means of cryptocurrency and it also believes that this is a new revolution which should see to it that Korea emerges as a pioneer in this sector.
This association has claimed that Government should do more to promote cryptocurrency in the country and not limit its own role to speculation of what all is wrong about it. For example, it is talking about short terms side effects of cryptocurrency, whereas other countries are bringing in cryptocurrency in various realms of regular life. The relationship of South Korea has been strained in the recent times with it banning the Initial Coin Offerings recently and lifting the ban just a few days ago. Moreover, it has also legalized Bitcoin as legalized method as a method of remittance.
However, there is a very small section in this country which is involved in cryptocurrency, according to the latest report; it is found that cryptocurrency that there are only two percent users of cryptocurrency in the country, with minors forbidden to use it, Initial Coins offerings banned and other such strict legislations in the market. There have been several ups and downs as far as this sector is concerned. However, it can be hoped that this would not be its state in the coming time and different sectors are taking different measures to ensure that there is more active participation of cryptocurrency in the market and more regulation from the government. Microgen, a leading company in Korea is developing a database that is based on Blockchain technology for the storage of necessary medical information of the clients.
Soon, with the attempts of the association, Korea will be at par with other nations when it comes to cryptocurrency.