South Korean government offers pro crypto policy

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The leader of South Korea’s ruling Democratic Party has vowed to make a dramatic turnaround on crypto policy that could make it easier for crypto-related deals to work in the country. The party claimed that “the time has come” for the government to stop regulating crypto and start “favoring” the industry instead.

The party hopes to stay in power in the general election next year and has been made aware of the unpopularity of the current tough stance on cryptocurrencies. The party’s candidate for the next round of elections has hinted that he will take a much more welcoming approach to crypto assets. The candidate said he would consider giving tokens to all South Korean citizens.

According to Democratic Party Chairman Song Young-gil, the government must “establish a blockchain department” in Busan, which is home to the country’s only blockchain-free area. Young-gil claimed it would help the country become more competitive in digital currency issues.

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Song also spoke of the need to recognize that “crypto assets” and “blockchain technology” are “two sides of the same coin.” work with decentralized protocols.

Speaking at a recent event in Busan, Song was hostile to current policies as well as the government’s handling of Busan’s status as a non-regulated area.

Song said, “Busan was designated as a blockchain regulatory free zone in 2019, but the [intended] the results were not achieved because the government viewed virtual asset trading in a negative light and phased out virtual assets while promoting blockchain technology.

Busan has hoped to achieve several goals, including rescinding the blanket ban on the initial coin offering. However, the city was limited to private blockchain-centric solutions by the central government.

Meanwhile, Korea’s central bank is set to unveil its full digital won plans next year. This will be after the completion of a six-month pilot project.

According to Money Today, the deputy governor of the Central Bank of Korea (BOK) said: “We are currently carrying out a [digital KRW] pilot to test the potential for technical implementation of its core functions, such as online and offline payment, with the aim of completing this process in June next year.

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