Buterin Convinces South Korean Lawmakers To Deregulate The Blockchain Industry

Buterin Convinces South Korean Lawmakers To Deregulate The Blockchain Industry

The co-founder of Ethereum, Vitalik Buterin had a meet and greet with a group of South Korean lawmakers where they discussed blockchain technology. According to the latest cryptocurrency news,Buterin urged them to deregulate the industry since the current legislation is too restrictive and will heavily influence on innovation.

Buterin noted:

 “Blockchain is a technology that can be run without cryptocurrencies, but there is no crypto without blockchain. Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.”

Vitalik explained his stance on the topic ‘’blockchain, not bitcoin’’ which is the main stance of the South Korean government. The government officials tried to promote blockchain but at the same time, they undermined cryptocurrencies and decided to put a ban on ICOs.

Buterin explained that crypto and blockchain are too heavily connected and cannot be separated. He also said that ICOs are getting their image back after the many scams that happened over the years:

 “ICOs have certainly improved, and will continue to improve in the future.”

Moreover, the co-founder of Ethereum addressed that the Crypto Winter was actually a good thing for the industry because it scared away all of the con artists and saw which projects are here to stay:

 “The recent crypto scandals and market recession have [uncovered which projects] turned out to be scams and which projects are going to be sustainable.”

This stance comes by the Reddit founder Alexis Ohanian who was an early investor in Coinbase. Ohanian stated that Bitcoin investors should not be afraid and discouraged by the bear market because the purge is a good thing for the long-term health of the industry.

The South Korean government and its President Moon Jae-in, decided to ban ICOs due to the many scams. The harsh legislative regarding digital currencies have created a negative sentiment on the market because of the growing crypto community which seems to be increasing despite the harsh regulations.

In the meantime, the United States lawmakers are trying to make their governments ready to embrace blockchain and crypto because the innovative nature of the technologies can boost the economy.