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South Korean Official Aims To Create Special Blockchain Zone

16:32 26/12/2018

The governor of the island of Jeju calls on the South Korean authorities to create a free zone for ICO and form a blockchain hub in the province, Coindesk reports.


According to Won Hee-ryong, South Korean officials banned all forms of ICO in September 2017. This decision had a negative impact on all sectors of the cryptocurrency industry in the country because of the lack of clear legal norms. For this reason, many companies have chosen to move their businesses abroad.

Won Hee-ryong reported that he had already raised issues related to the importance of distributed technologies to the state level. In his opinion, it is necessary to establish cooperation between the private sector and the government to identify and promote useful projects based on blockchain. Currently, Jeju authorities are actively implementing distributed technologies in the infrastructure. For example, experts are developing blockchain-powered systems for managing traffic, recycling batteries, VAT refunds to tourists, and so on.

The governor also advocated the introduction of clear standards and rules for cryptocurrency. Won Hee-ryong noted that an accurate legal framework would allow reliable companies to run ICO. Such initiatives are possible within the province, as Jeju has a unique legal position of a free international region.


As previously reported, a Seoul business school opened a master's program in the field of cryptocurrency and blockchain.

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