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Roger Ver, a leading cryptocurrency investor who has supported some of the largest companies in the global cryptic industry like Blockchain, Zcash, BitPay and Kraken, recently sent the governor of Jeju Island in South Korea $ 100 worth bitcoin money at a public event.
Humorous Kim Yeong-Ran Rule Banter
Over the weekend, Ver visited the island of Jeju to promote the use of cryptocurrency and discuss the future of the blockchain industry with the governor of the island, Hee-ryong won, which publicly expressed its intention to evolve the island of Jeju in the next Zug and Malta of Asia with favorable regulatory frameworks aimed at cryptocurrency enterprises.
In a cryptocurrency conference attended by Governor Vinto, Ver sent $ 100 cash bitcoins to the governor and his associates to demonstrate the ability of cryptocurrencies to facilitate the transfer of instant payments.
As Ver tried to send $ 100 cash bitcoins to G overnor Won, one of the partners told Ver, "in South Korea there is a policy called" Kim Yeong-Ran rule ", to which Ver replied, "Is there a legal problem in sending a payment to the governor? "[19659007] South Korean Bitcoin" width = "1000" height = "667" srcset = "https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/07/south-korea -bitcoin.jpg 1000w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/07/south-korea-bitcoin-300×200.jpg 300w, https: //248qms3nhmvl15d4ne1i4pxl-wpengine.netdna -ssl.com/wp-content/uploads/2018/07/south-korea-bitcoin-768×512.jpg 768w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/07/ south-korea-bitcoin-640×427.jpg 640w, https://248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com/wp-content/uploads/2018/07/south-korea-bitcoin-360×240.jpg 360w "sizes =" ( max-width: 1000px) 100vw, 1000px "/>
Governor Won intervened and told Ver that in the country, it is not appropriate for people of a higher rank, especially government officials, to take items, gift certificates and money over $ 30 in a single transaction. So, technically, Ver sending $ 100 to Governor Won could violate Kim Yeong-Ran's rule, as the amount is higher than $ 30.
However, Governor Won stressed to Ver and the rest of the participants in the conference that it was only joking and that in this situation, the Kim Yeong-Ran rule does not apply because it was treated in a public event and will be recorded as a special payment by the government, which could be used to finance institutions charity.
With humor, Governor Won said he would use the $ 100 received with bitcoin money to pay for dinner after the event, eliminating the possibility of the Kim Yeong-Ran rule applied to that specific transaction.
Why Was It Ver in Jeju Island?
Last month, with the approval of the first South Korean cryptocurrency and blockchain legislation at the horizon, Jeju Island and other regional governments including Busan and Sejong have publicly revealed the their intention to focus on the growth of the local ocurrency and blockchain crypt market.
Only, South Korea has a regulation in place that excludes Jeju Island from most of the federal regulations established by the government, providing the Jeju Island government with the authority to establish its own policies and manage an autonomous government.
Jeju Island is exploring various possible regulatory frameworks that it can adopt in addition to national cryptocurrency legislation to create a friendly ecosystem for cryptocurrency businesses. In addition to the tax benefits, the Jeju Island Government said it could drop the initial ban on national startups (ICO) coins, which would allow local companies to sell token sales within Korea. South, in the island of Jeju.
Featured Image via LeWeb13
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