Last September saw the Korean government ban ICOs in the Asian country. This decision was reached as the government saw this form of crowdfunding as gambling, fraud, and speculation. It’s something that was greeted with strong backlash from many domestic blockchain startups.
The government has been under constant pressure especially from the opposition party as some members have started to advocate for the legalization of ICOs. With the incumbent government struggling with economic issues including skyrocketing housing prices and a decline in employment, now members of the opposition have spotted an opportunity that allows them to paint themselves in a good light.
A Member Of The Ruling Party Is In Favor Of ICOs
However, in a recent interview with CoinDesk Korea, Min Byung-doo a member of the ruling party has spoken out in favor of ICOs. He is also the chairman of the National Policy Committee an agency that is considered as the first hurdle to be cleared by those that hope to enact legislation of crypto exchanges or ICOs.
In the lengthy interview, Byung-doo expresses his thoughts on cryptocurrencies, ICOs, and the overall blockchain industry.
He is asked why he thinks that ICOs should be permitted in the Asian country to which he responds:
“There are some positive aspects to the regulations implemented by the government over the past year. A lot of the bubbles have burst, and people have realized that this is not a market they should be recklessly rushing into.”
The laws have served as a big preventive injection, so even if the regulations on ICOs and exchanges were repealed, I don’t think people would be jumping into these markets without careful consideration. I think the vaccine has succeeded, and it’s now time to open up the market.”
The interviewer is also interested to know if the fact that the chairman of the National Policy Committee is in favor of ICOs increases the chances of law based on the issue being passed.
Byung-doo responds by saying that he is firmly committed to the issue and he hopes that other lawmakers will also bring their expertise to the table.
He concludes by saying that he hopes they will also approach the issue with a strong sense of commitment.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.