South Korean Island Wants to Become Blockchain, Crypto Hub
Cryptovest
Published Aug 13, 2018 10:00AM ET
Updated Aug 13, 2018 11:20AM ET
South Korean Island Wants to Become Blockchain, Crypto Hub
The South Korean island of Jeju has officially requested the central government to allow it to become a special blockchain and cryptocurrency zone, local media reported on Monday. The Initial Coin Offerings (ICOs), which are currently illegal in the country, would be allowed in the region with the aim to bring back the Korean investors, the provincial governor Won Hee-ryong said when revealing his idea for blockchain island.
Won decided to ask Seoul for the status after meeting with high-ranking policymakers in the region last week. Jeju has a special economic position in the country as a free international city.
“Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry,...
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