Ripple Request South Korea To Adopt Blockchain Technology And Cryptocurrency
June 13, 2018 11:55 am
Ripple is urging the Government of South Korea to loosen Regulations and Focus on Cryptocurrency and Blockchain Technology
Many things are evolving in South Korea’s financial segment. Regulation is badly impacting cryptocurrency and blockchain technology, yet Ripple is urging the administration for South Korea to slacken rules and concentrate on these industries sooner somewhat opposed later.
Promoting Cryptocurrency in South Korea
South Korea is a major hotbed for cryptocurrency trading, being the world’s third-largest crypto business sector. Regardless of the developing interest in this technology, the national government has smothered this imaginative technology. Ripple is urging the legislatures to slacken regulations and is executing its money where its mouth is. By donating over $50 million to different universities through its University Blockchain Research Initiative (UBRI), the organization wants to see cryptocurrency and blockchain interest take off in the years to come.
That is an exciting improvement for a significant number of diverse motivations. The donations by Ripple concentrate on a global educational approach to blockchain and cryptocurrency. Overall, Ripple will be donating to 17 universities scattered across the globe. However, Korea University is the only East Asian foundation concerning this list.
Forging a Path for Innovation
Korea college reveals an enthusiasm toward blockchain innovation research; Likewise will be evident Toward their blockchain security focus In the university’s doctoral level college of data. Those gifts Eventually Tom’s perusing swell ought further bolstering further Examine under the calculations powering this engineering organization again the nearing months What’s more a considerable length of time.
Ripple senior VP Eric van Miltenburg comments:
We’ve seen that in other nations and in other technologies where you found a balance. Frankly, if you think back to the early age of the internet, some people only looked at the bad aspects of the internet saying we should shut it down for a while until we figure out what’s going on, and what’s right and what’s terrible. But a more plausible approach would look at specific use cases and applicable regulations in areas that would allow protection for users. So I think that philosophy would undoubtedly pertain to rules in Korea as well.
Additionally, the present regulations in South Korea will have on make reconsidered and well to take advantage of cryptocurrency and blockchain technology. Banning all initial coin offerings and having strict cryptocurrency regulations have had a negative impact. Domestic blockchain firms are moving to different nations mostly because of the local confinements. It will be great to know how the South Korean government plans to tackle this specific part moving ahead.