News & Reports

‹ Back

A Politician`s Win in South Korea Raises Hopes of the Imminent legalization of ICO

 

In what appears to be some sparks of hope for the legalization of ICO in South Korea, a politician who is reported to have campaigned on issues seen largely as pro-blockchain and pro-cryptocurrency has emerged winner in a recently held elections for the position of mayor of Jeju Island. The Jeju Island has attained a semi-autonomous status and so is not bound by much of the laws applicable mainland provinces in South Korea. It operates by what is considered to be a legal regime of its own.

 

Prior to the elections that saw him sail through victor, Won Hee-ryong had repeated expressed his support and commitment to companies in Jeju who were either alreading into initial coin offerings (ICO) and those that have plans to make their way into the industry. These intentions were expressed in spite of the central government-imposed ban on ICO, a ban the central government is bent on sustaining, in blatant disregard for divergent opinions, including that of pro-crypto MPs and the National Assembly. Hee-ryong expressed his resolve during the campaigns to make use of Jeju`s special legal status if need be.

 

Cryotonews.com reported an interaction it has with Kim Su-ho, a resident of Jeju and a cryptocurrency investor citing him for expressing some hopes and expactancy hinged on the promises Hee-ryong made prior to his election into the high office of a mayor. “If Mr. Won comes good on his promises, this could be great news. I think he envisages blockchain startups coming from Seoul to Jeju – rather than Singapore – to take advantage of our special legal status. If he can pull that off, that could be very exciting indeed”, Kim Su-ho stated.

 

Hee-ryong stood for the elections as an independent candidate, amassing 51.7% of the votes, reports indicate. He has not as yet back down on his earlier promises. Reports suggests that Hee-ryong has promised and re-assured residents of Jeju that he will follow through with his plans to create a “blockchain zone” on the Island province, coupled with a digital fiat to be called Jeju Coin.

 

The new major of Jeju has vociferously expressed his disapproval and condemnation of the central government`s current unfavourable cryptocurrency policy, suggesting that such an unfriendly policy is to blame for “forcing many South Korean companies and entrepreneurs to go overseas to attract investment.”

 

The newly elected mayor has also made a public pledge to create a cryptocurrency “sandbox testbed” at the Jeju Science Park, reputed for its high-tech innovations.

 

Reports trickling in from the capital of South Korea, Seoul indicate that Park Won-soon, the incumbent has successfully sailed through the elections, retaining his ‘seat’ as mayor of Seoul for a third consecutive term. Won-soon has on his part promised to create a digital fiat that can be used in Seoul. Interesting times ahead, indeed.

Thanks for dropping by. Kindly share this post with your contacts. And visit this site more often for credible, juicy and up-to-date cryptocurrency news and a multiplicity of high value content.

Image from Wikipedia