Buterin Pushes South Korean Government to Liberalize Blockchain in the Country
- Written by TechXO Team
- Category: BlockChain
- Hits: 254
Ethereum Vitalik Buterin, Ethereum Co-founder, together with similar lawmaker group has pushed the South Korean government to liberalize the blockchain industry. They supposed that SK’s existing laws are exaggeratedly restraining that impede innovations to prosper.
As reported by News1, Buterin tackled the matter during the South Korean parliament meeting.
Buterin said, “Blockchain is a technology that can run without cryptocurrencies, but there is no crypto without blockchain. Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.”
Blockchain and Cryptocurrencies Are Interconnected
Buterin responded to the South Korean government’s “blockchain, not bitcoin” stand. SK authorities have tried to promote blockchain while damaging cryptocurrencies and prohibiting IOCs.
Buterin emphasized to them that cryptocurrency and blockchain are in tandem and are highly interconnected which makes it difficult to separate them. Other than this, he said that ICOs which had noticed different scams are now starting to re-establish their base image.
“ICOs have certainly improved, and will continue to improve in the future.”
The market slowdown was good for the industry
Buterin mentioned that the latest crypto winter has been good for the industry because it has shooed the scammers and announced which long-term projects are available.
“The recent crypto scandals and markets recession have (uncovered which projects) turned out to be scams and which projects are going to be sustainable.”
South Korean Crypto Community is emerging
The South Korean government restricted ICOs and open crypto business of tax breaks due to the exposition of the number of high profile crypto related scams under the liberal President Moon Jae-in.
The harsh authoritarian approach of the government towards digital currencies resulted in indignation within the growing crypto community of South Korea. The crypto community has grown doubled despite South Korean’s extremely harsh anti-growth policies.
Founder of Reddit says Cryptocurrency Requires Eliminations
An opinion exposed by the founder of Reddit Alexis Ohanian that is one of the first investors in Coinbase, to a source.
Ohanian told bitcoin investors in February 2019 that they should not be trouble over the extended bear market that is due to large elimination was great for the industry’s long-term health.
“The speculators have fled, and that is great because the people who are now building on crypto are true believers. They are actually building the infrastructure that it’s going to take to really make this happen.”
U.S and France compete in the blockchain race
The lawmakers of France and the United States are encouraging their own governments to start embracing the emerging blockchain and cryptocurrencies, saying that these innovative technologies can strengthen and improve their economies.
In a report, two members of the French Parliament want the country to invest 500 million euros in the blockchain-based programs to make France a ”blockchain nation”.
US pro-bitcoin lawmakers have filed legislation that is meant to increase the implementation of crypto in the US.
Congressmen Darren Soto and Ted Budd published a joint statement by highlighting the profound potential of blockchain and cryptocurrencies in December 2018.
They said that the digital currencies and the essential blockchain technology have a profound impact to lead the economic growth of the country. That is why we must make sure that the United States is in the first position regarding the technology.
“Virtual currencies and the original blockchain technology have a profound potential to be a driver of economic growth. That is why we must ensure that the United States is at the forefront.”
Let us talk about Ethereum.
What is Ethereum?
Ethereum is a blockchain-based open software platform which allows developers to build and deploy decentralized applications.
Are Ethereum and Bitcoin the same?
The Ethereum is a distributed public blockchain network like Bitcoin. However, there are still some significant technical differences between the two. The most significant distinction to note down is that Bitcoin and Ethereum differ in purpose and capability. Bitcoin is one particular application of blockchain technology, a peer to peer electronic cash system that allows online Bitcoin payments.