South Korea has always had a rather dovish approach to new technologies. Whether it is electronics, robotics, or any other high-tech sci-fi plot, Asia and South Korea seem to be at the forefront. It would be wrong to suggest that they make a display out of it.
Quite to the contrary, they keep quiet and share their results diligently. And with the country owing its wealthy partly to the tech advancements made by a handful of technical giants, it is small wonder why the government’s default position would be to support them as a rule of thumb.
Still, there have been competing opinions. As of 14 February, South Korea’s government sets a new and tighten regulatory approach to avoid any mishaps of the past.
More specifically, the country has suffered a number of rather unfortunate setbacks when a number of hackers’ attacks, undermining, hit its coin exchanges.
The country’s Government Policy Coordinator Hong Nam-ki has now made a statement concerning a petition that was advanced last month. The petition was against harsh regulations, which South Korea has been planning to put into law.
The petition has managed to gather 200,000 signatures and now the office of Mr Hong Nam-ki will have to respond to in 30 days at the latest. Still, he interjected that the government’s utmost priority is to ensure that no illegal activity will result out of the use of cryptocurrencies.
Now, the government has changed its stance from a hardliner to suggesting that there is a handful of options being debated that may come into play and help prop up the crypto industry in the country.
In truthfulness, South Korea has moved on cryptocurrencies before, and it is normal that a country, whose citizens are increasingly investing their wealth into speculative assets, will be on the lookout for foul play.
On occasion, it will even seek to impose harsher regulations lest people run into financial ruin. This is all understandable in light what has been happening to the west where whole banks and exchanges have been shut down. In a nearby country, Japan, the authorities have shut down a coin exchange, allegedly over running a Ponzi scheme.
Further regulations will most certainly be needed. In the meanwhile, we will keep you posted about the latest developments in the saga having citizens and governments face off.