Despite South Korea’s ICO Ban, Jeju Island to Become Blockchain Safe Haven
Despite South Korea’s ICO Ban, Jeju Island To Become Blockchain-Supporting Province
A South Korean province, Jeju Island, plans to set a portion of its province for cryptocurrency purposes, that is, to support the conducting of Initial Coin Offerings (ICOs), as well as blockchain projects. This might come of surprise to consumers, as South Korea has been doubtful of cryptocurrencies and has been known for having strict bans.
The news was first shared via JoongAng daily on Monday, August 13, where it was noted that the governor of Jeju Island, Won Hee-ryong was the one to have proposed the idea. The proposal was addressed to both the financial minister and deputy prime minister, along with other official members responsible for the regulatory procedures.
This project could be advantageous for Jeju Island, as it is known to be a preferred vacationing location in all of South Korea. As for ICOs within the province, Won explicitly noted that businesses will be encouraged to conduct ICOs as required, which is surely to bring in more startups over time. He further added that businesses should not be prevented from “raising funds through cryptocurrency.”
Like most countries, the reason for such a move stems from the need to become the leader in the blockchain industry as opposed to the follower.
Won sees potential in the blockchain technology, as he was quoted by CCN saying, it “can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform.”
As for the steps towards making this a reality, it seems that the Jeju Island’s government will be establishing a department devoted to “blockchain industry on the island”, with the possibility of seeing it set off by month-end.