The governor of the South Korean province of Jeju Won Hee Ryong plans to make his island the center of the blockchain industry. Despite the tough position of the state in relation to cryptocurrencies, Jeju Island can be allocated to a special zone for ICO and crypto-currency. This was written by Korea JoongAng Daily.
Governor Vaughn announced the proposal at a meeting with the South Korean government. The event, among others, was visited by the country’s finance minister Kim Don Yong.
“Blockchain is an opportunity for Korea to take a leading position in the [development] of the global Internet platform. The technology will help reduce costs, ensure stable transactions and, in the future, become a revolution for the Internet industry”, Won Hee Ryong said.
According to the plan of the governor Vaughn, the blockchain startups in Jeju can easily conduct the initial offers of coins (ICO) and collect the necessary funds.
“Entrepreneurs working in the innovation sphere should be allowed to raise funds using crypto-currency,” notes Won Hee Ryong.
Also, the authorities of the Jeju province propose to create a special structure together with representatives of the state and experts in the cryptocurrency area, which will deal with issues of state support for the blockchain industry.
Recall that last fall, the South Korean authorities have banned the conduct of ICO, as well as all types of lending in digital currencies, including margin trading.
Maybe it will be good news for Traxion ICO?