Korea’s Presidential committee making efforts to legalize cryptocurrency

• 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. 

 

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