Roger Ver Sent $100 in Bitcoin Cash to the Governor of Jeju Island, Was it a Violation of the Local Policy?
A prominent cryptocurrency investor known as Roger Ver recently sent $100 worth of bitcoin cash to the governor of Jeju Island, Won Hee-Ryong, at a public event, something that raises the question whether there was a violation of the local policy.
Ver, who has backed a number of notable companies in the crypto sector including Kraken, BitPay, Zcash, and Blockchain, visited Jeju Island in a bid to promote cryptocurrency usage as well as discuss the future of the emerging blockchain technology with Won Hee-Ryong.
At the event, Ver sent the money in bitcoin cash in order to demonstrate the huge capability of cryptocurrencies when it comes to making instantaneous payments. As he was facilitating the transfer, one of the governor’s associates told him that “in South Korea, there’s a policy called the “Kim Yeong-Ran rule,” and Ver responded by asking if there’s a legal problem in making the payment to the governor.
Won Hee-Ryong intervened and told Ver that it’s not appropriate for high ranking individuals in the country to accept money exceeding $30, gift cards or items, so receiving the $100 in bitcoin cash would amount to violating the “Kim Yeong-Ran Rule.”
However, the governor stated that he was only teasing Ver and that in that particular situation the rule doesn’t apply simply because it was been done in a public event and recorded as special payment, which could be set aside for charities. He continued to humorously say that he will use that money to pay for dinner at the event.
Reason for Ver Visiting Jeju Island
Within the past month, Jeju Island among other regional governments including Sejong and Busan has disclosed publicly their intention to focus on developing blockchain sector and cryptocurrency market. This follows the approval of first cryptocurrency and blockchain legislation by the South Korea government.
Jeju Island has been looking at a number of possible regulatory frameworks it could consider in addition to the country’s cryptocurrency legislation in order to create a friendlier ecosystem for businesses interested in cryptocurrencies. Uniquely, the country has a regulation that excludes it from many federal regulations, allowing the authority of Jeju Island to come up with its own policies.
Besides tax benefits, Jeju Island authority has expressed interest in dropping a ban on ICOs on domestic startups in order to allow local companies to raise funds through token sales.