Eric van Miltenburg, the Senior VP of Ripple, believes that South Korea must chill out a few of its extra stringent cryptocurrency legal guidelines. He made his views identified in a latest cellphone chat with The Korea Instances. He additionally stated the rising digital forex panorama might propel the nation into turning into a worldwide financial powerhouse.
Encouraging the Nascent Cryptocurrency Market
Miltenburg said the necessity for cryptocurrency rules that promoted the market moderately than stifling its progress, saying:
We expect it must be a regulation that bounces, that protects customers with out stealing or prohibiting innovation.
He urged the South Korean authorities to not be a kind of nations who solely give attention to the destructive elements of rising applied sciences. In September 2017, ICOs have been banned in South Korea adopted by a raft of different strict cryptocurrency rules.
We’ve seen that in different nations and in different applied sciences the place you discovered a bounce. Frankly, when you suppose again to the early age of the web, some individuals solely seemed on the destructive elements of the web saying we must always shut it down for some time till we determine what’s occurring, and what’s good and what’s unhealthy.
Miltenburg went to say that the nation would profit extra from figuring out “particular use circumstances and making use of rules in areas that will enable safety for customers.”
South Korea Stands to Achieve a Lot from Blockchain and Cryptocurrency
Because the ICO ban, blockchain startups have moved their tasks to friendlier nations like Singapore and Switzerland. Miltenburg believes that South Korea would do properly to stem the tide by reversing the ICO ban. The nation boasts the third-largest cryptocurrency market by quantity, however its strict rules could be standing in the best way of much more vital progress.
Thus, in latest months, the nations legislature has taken steps to reverse the ICO ban. Earlier in June, the nation’s apex courtroom additionally dominated that Bitcoin is an asset. Miltenburg believes South Korea can use the cryptocurrency market as a springboard to turning into a dominant power within the world monetary market.