Presto To Appeal Against Governmental ICO Ban In South Korea
Presto, a South Korean cryptocurrency project, intends to file an application for the lifting of the ICO ban asserted by the government, the local media Sedaily reports.
The company’s official resource reports that Presto provides a full range of services for cryptocurrency developers — from creating web-pages to launching ready tokens. The team also tried to run an ICO built on the DAICO (Decentralized Autonomous Organization-based ICO) in South Korea.
The DAICO was created to make fundraising during ICO more efficient through implementing the functions of the DAOs (Decentralized Autonomous Organizations). This way involves the use of smart contracts in the mechanism of users’ voting which allows recovering funds if the project team does not meet their expectations.
South Korean authorities banned all ICO-related activities back in September 2017. Presto’s CEO Kang Kyung-Won acknowledged the difficulties in promoting the platform, as the National Assembly representatives and politicians were inactive regarding the ICO ban.
After that, Presto founder revealed his plans to appeal to the court against the ICO ban and take appropriate measures regarding the inactivity of regulators. According to the representatives of Presto, the governmental decision goes against people’s freedom, equal rights and scientists’ basic rights. Kang Kyung-Won defined the actions of the government as unconstitutional and outdated, which must not exist in the nowadays society.
As previously reported, Barry Silbert, founder of the crypto investment fund Digital Currency Group, said that the crypto industry will keep growing despite the ICO market decline.