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South Korea National Assembly To Debate Digital Assets

December 11, 2018

South Korea’s National Assembly will be holding the nation’s first official debate about cryptocurrency. The meeting will include executives from the cryptocurrency industry, and the entire debate was arranged thanks to the efforts of South Korea’s largest cryptocurrency exchanges. This includes exchanges such as Upbit, Bithumb, Korbit, Gopax, and Coinone.

The country currently allows banks to work with cryptocurrency-related exchanges, unlike some of its powerful Asian neighbors such as China and India. However, some of the smaller exchanges appear to be having trouble with their banking services. In addition, more wealthy South Korean cryptocurrency investors also apparently are having issues sending amounts of their capital abroad, as well.

South Korea appears to be much more forward-looking with regards to blockchain technology than many other countries, even claiming that it will be essential to the “Fourth Industrial Revolution”, that will revolve specifically around emerging technologies that focus on communication and connectivity.

Korea’s National Assembly

A recent report from Cindicator states that South Korea will be essential with regards to the mass adoption of cryptocurrency, pointing out its historic tradition of adopting new technologies quickly and efficiently. It also pointed out that the country has the most “crypto-friendly” population in the world, considering that “30% of all salaried workers in South Korea own and exchange cryptocurrencies.”

Many believe that the debate will be positive for the cryptocurrency sector in the country, pointing out that a clear discourse between market leaders and government leaders is essential with regards to establishing a clear regulatory framework.

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