Presidential Committee Commits to Giving Crypto a Legal Status in Korea

During the 4th industrial revolution, the Korean presidential committee urged the government to accord cryptocurrencies a legal status. The committee said that this was to assist the country so it remains at the front in terms of innovations.

Local reports said that the committee enlisted the significance of a blockchain platform in the forthcoming 4th industrial revolution.

It also noted that the,

  “The government should secure legal status for crypto assets as soon as possible, and seek tax and accounting measures for them”

The information about the recommendation of fully legalizing crypto were made on Friday in Seoul at the conference. This committee also added that the startup ecosystem, technology, and data should coincide with enhancing industrial and social innovation. In terms of technology, the government should emphasize more on the blockchain, cybersecurity, and artificial intelligence.

The committee raised concerns that the policies in place to lockout cryptocurrency speculation were impacting negatively on the global competitiveness of cryptocurrency industries in Korea and the country’s blockchain at large. Blockchain is currently a compelling trend, and the government should create policy goals that will take preliminary advantage of blockchain technology in future opportunities.

The committee said that cryptocurrencies ought to be institutionalized and enable business startups to operate efficiently in regulatory sandboxes. No official response, however, has been given regarding the recommendations.

The advisor for the President in matters of science and technology, Mr. Lee, was present at the conference and stated,

“Thank you very much for your efforts. We will actively consider ways to make this possible.”

These announcements and reports came a few days after a speech by President Xi Jinping on the better side of blockchain technology. The President argued that investors and nations that adopt the technology in its early stages would be way ahead of the others in some years to come. It seems that Chinese local governments are already embracing blockchain as it stands.

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