National Assembly discusses ICO Ban and & # 39; Blockchain Island & # 39;

South Korean lawmakers started discussing cryptocurrency on Monday, August 20, in a meeting focused on banning the country's ICO ban and other topics, Business Korea.

Highly regarded both on the cryptocurrency and on the blockchain propagation from Seoul, the meeting of the National Assembly saw the participation of government ministries, including the Ministry of Science and Information and Communications Technology ( ICT).

In addition to discussing initial coin offerings (ICOs) to operate in the country, the parties involved are also keen to carry on the creation of the "Blockchain island" of South Korea.

Centered on the resort of the & # 39; Island of Jeju, plans for a "special area for blockchain and global cryptocurrencies" resume the trajectory adopted by Malta in recent months.

"… Discussions are expected to enable ICOs to gain momentum together with the preparation of investor protection measures and the organization of a task force to establish order in cryptocurrency trading" , writes Business Korea, adding that it was first necessary to "clarify the legal definition of cryptocurrencies" before such a step could occur.

"The South Korean government prohibited all types of ICOs in September of last year and since then has not defined any related policy," the publication cited an "industry insider" as a comment.

"The entire industry is paying close attention to how its position will change through various discussions in the National Assembly."

Tuesday will see a political discussion on the role of the blockchain in the structure of the political party.

Earlier this month, the Ministry of ICT announced the next round of its intense youth training initiative focused on blockchain and other economic spheres, while government investment in areas including blockchain in 2019 will likely be higher than $ 4.4 billion.

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