[2018-01-20] Korean National Assembly Speaker Comments on Cryptocurrency

[jnem]

https://steemit.com/cryptocurrency/@jnem/korean-national-assembly-speaker-comments-on-cryptocurrency-situation

Speaking with Yonhap News at a hotel in Portugal after making formal visits to Portugal as well as the United Kingdom, Chung Sye-kyun (정세균) the Speaker of the National Assembly, commented on the current situation regarding cryptocurrency while discussing current political issues in Korea. He said that “Although [Korea] stopping speculative investing is necessary, blocking new technology would be shooting itself in the foot.” He also stated “It can’t be denied that blockchain is one of the most important technologies backing the 4th industrial revolution” and emphasized “Cryptocurrency regulations need to be done properly so that areas that require incentives can be incentivized; We must have those kind of reasonable policies.

This appears like a very progressive step and an important development in what has been a very uncertain few weeks regarding Korean cryptocurrency regulations. After news that exchanges will be closed and crypto will be banned leading the market to shed almost half of its value, this announcement seems like it should bring stability to the situation in Korea and markets at large.

Do you think that Korea will follow through on these more open and welcoming policies? Or will it turn back to banning and shutting itself off from cryptocurrency and blockchain? Also, do you think that currently Korea plays too much of a role in the cryptocurrency space, and that its role should be reduced? Or does having Korea as a leader in the cryptocurrency and blockchain area lend itself well to the markets and development?

[1Referee]

The problem isn't South Korea itself, but those shitty sites translating these articles in a very poor manner, where they also happen to twist words to make certain articles look more negatively tinted than they in reality are. It's nothing new anymore that South Korea is a very large player in this market, but not entirely as open as Japan is for example, and that's something fud spreaders will happily use to get this market to sink. If we look at how much of a talking subject South Korea has been in the last few weeks, then they obviously succeeded in making it seem like a big problem, while in reality it really isn't. South Korea is not a second Japan, so people shouldn't be surprised to see South Korea take a different approach to regulate crypto currencies.

[jnem]

Totally agree. I live here and it's insane how different the narrative between Korean articles and their translations are. The amount of fud they created in the last two weeks really was bad so I decided to start writing the in hopes to set the story straight and balance the fud with some real information.