12th July-Crypto currency has managed to create an unscrupulous image for itself. This has to do with the fact that it yet in its initial stages. However, this has led to a lot of controversies regarding it in a number of countries across the world. The complexity of understanding that it asks for has often been interpreted as arbitrariness and too often, it also yields an opportunity to the miscreants to carry out their activities in a veiled, shrewd manner. Just like several other countries, these factors had also led South Korea to take a step back from crypto currency by banning the ICOs in 2017, in the month of September.
In September 2017, ICOs were banned by the government of South Korea, however, turns out that a lot of entities in the country are challenging this decision taken in the previous year. It has been learnt that with an eminent politician in the lead, there is a plan in place to come up with a proposition to ensure the legality of the ICOs in South Korea. The person who is opposing the decision of the government is Hong Eik-Ruk, he belongs to a democratic party and has set his eyes on making things better for crypto currency in the country of South Korea.
It has been known that several prominent lawyers are on the side of this politician and in a short period of time, the proposition to change the decision of the government of South Korean government regarding the fate of crypto currencies might be put forward. Moreover, it has also been found that this new bill is suggesting that the crypto currencies would be under the uninterrupted speculation of the government to ensure that nothing wrong is happening in the country with the arrival of virtual currency.
A salient feature of the bill that is proposed is its support for the advancement in terms of block chain technology. It has specifically voiced its support for those institutions which facilitate the growth in criteria of block chain technology. The Bill has also clearly mentioned that the power to decide the utility of ICOs, their influence and their credibility will be of utmost importance. And these essential matters will be taken care of by none other than the various government institutions. Decisions regarding the ICO will be made after the consideration of the discretion of these institutions.
Even though a bill will be put in motion, the fate of ICOs in South Korea hangs in balance. In spite of the proposition of complete control and supervision of the government, it is yet to be determined what will be the decision of the government of South Korea.