Jeju Island aims to be a paradise for cryptocurrencies
The South Korean region expressed through a statement its desire to be a free zone for the launch of startups ICOs
Jeju Island, a South Korean autonomous territory, expressed through a statement its desire to soon become a free zone for the launcheing of ICO companies.
This information was provided during a press conference, where the governor of the region, Won Hee-ryong, highlighted the virtues of blockchain and technological development.
“Blockchain symbolizes a great opportunity for South Korea to take the lead in the development of the global Internet platform and decentralized industry. Blockchain can reduce costs, provide stable transactions and, essentially, has the potential to become an element of change that could alter the ecosystem of the financial industry of the country and the world, so that Korea becomes a leader and not a consumer of this new global industry, we must quickly allow operations with blockchain technology and cryptocurrencies,“ said the governor.
The main objective of this project lies in the possibility of allowing blockchain startups to carry out their financing processes through ICOs, in addition to the distribution of digital currencies for future consumers.
The measures will cause a growth of the decentralized sector and will also help the companies that currently rely on the blockchain to continue their development, despite the strong central government regulations.
K. Tovar
Source: Coincrispy
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