South Korea Unintentionally Allowed Cryptocurrency
South Korea Unintentionally Allowed Cryptocurrency
  • by Prof. Kim Hyoung-joong (khj-@korea.ac.kr)
  • 승인 2019.10.28 18:31
  • 댓글 0
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Prof. Kim Hyoung-Joong, Head of Korea University's Cryptocurrency Research Center
Prof. Kim Hyoung-Joong, Head of Korea University's Cryptocurrency Research Center

 

The No-Won coin appeared in the Nowon District in February 2018. No-Won Coin, an Etherium-based cryptocurrency, was launched with the title of the world's first blockchain-based regional currency. No-Won Coin is an ERC-20 token, so all transactions have transparent records in the blockchain, making it easy to collect statistics and trace voucher flows. After No-Won coin was given in exchange for donations or community service activities, voluntary participation in the use of the currency was noticeably increased

Although No-Won Coin is a kind of half-done digital voucher, it is still a superior alternative to paper vouchers. In fact, the No-Won Coin was intentionally created by the developer Glosfer without the advantages of cryptocurrency in order to avoid government regulations and hasten its appearance in Korea. On the ground, the government's silence was interpreted as approval, and since the release of No-Won Coin, I would say the Korean government has tacitly allowed cryptocurrency transactions. The government has not penalized or banned the No-Won cryptocurrency.

Despite this, the industry for its part has been slow to grasp this tact understanding and has, in fact, overcompensated its self-regulatory policies by kowtowing to the government. The industry has not yet realized that the No-Won Coin has been discreetly released without penalty by the government. 

Busan Bank will launch a digital voucher business in the Busan Regulation Free Blockchain Zone. The digital voucher is simply another form of cryptocurrency, and at present, it seems highly likely that cryptocurrency as a digital voucher will be available in the district by next year. When smart contracts are codified into the digital vouchers, they become an intelligent programmable currency that is executed when certain conditions are met. This is the future direction of currency. The paper bills we now use can never become intelligent and programmable.

The Korean government did not explicitly allow cryptocurrency, but it did not explicitly prohibit it either. While government officials think they have allowed blockchain but have disallowed cryptocurrency, participating companies in the district should begin laying the foundation for the future cryptocurrency industry in Korea.

This is the path by which the Busan Blockchain Regulation-Free Zone will achieve success, whether through cryptocurrency or through digital vouchers. Korea’s cryptocurrency industry should feel deep gratitude to the officials in charge of their discreet policy change and take advantage of this to spread their wings and fly.
 


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