September 22, 2020

South Korea is preparing to determine the status of cryptocurrencies and blockchain

South Korea is preparing to determine the status of cryptocurrencies and blockchain

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Advisory Commission for the Fourth Industrial Revolution under the president of South Korea recommendedthe government to recognize the development of blockchain as a key trend and promote the inclusion of “cryptographic assets” in the current system, writes the local edition of Bchain with reference to the plan of recommendations presented at the conference in Seoul last Friday.

According to the position of the committee, technology, data andStartup ecosystems must work together to ensure the highest levels of social and industrial innovation. In the context of technological development, experts recommended paying particular attention to blockchain, artificial intelligence and cybersecurity.

Also in the published document, according to the media,It is said that countering excessive speculation with cryptocurrency assets was a reasonable measure at the time, but now the decisions made then hinder the development of the cryptocurrency and blockchain space in South Korea. According to experts, the government should determine the legal status of cryptocurrencies as soon as possible, study the issue of their taxation and accounting, and also actively involve startups in the regulatory sandboxes.

In addition, on Monday it became known thatThe Korean Internet Security Agency decided to continue supporting blockchain projects in 2020 and allocate $ 9 million to finance them. A discussion of the plan was also held at the event on Friday. At the same time, the department emphasized that cryptocurrency projects and exchanges for participation in the initiative are not considered.

Next year, funding by the Korean authoritieswill be able to get about 10 projects, up to a maximum of $ 1.2 million each. The initiative will be implemented for the third year in a row. In 2019, 12 projects were funded in total for $ 11.4 million, including $ 6 million in direct investments and $ 5.4 million in reimbursement.

Among others at the event wererepresentatives of the Korea National Agency for the Promotion of Information Technology, who also promised to pay increased attention to the blockchain industry.

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