Home / Blockchain / The South Korean Blockchain Association wants the authorities to turn Gwangju into a digital currency hub

The South Korean Blockchain Association wants the authorities to turn Gwangju into a digital currency hub

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The body of the blockchain in the South
Korea wants to convince the Gwangju authorities to convert the city into one
specialized district of digital currency. Convert the sixth largest city into
South Korea in a digital money center would create many jobs, second
to KBEPA (Korea Blockchain Enterprise Promotion Association).

The association blockchain was
founded in July 2018 and is in collaboration with Universal Group. Turn
the urban area in a district of digital currency, the body of the blockchain
look for an audience with Lee Yong-Sub – Gwangju's major – and others
politicians in the city.

South Korea's Blockchain corporate plans to meet senior Lee Yong-Sub

In a statement, the blockchain
association said: "We plan to meet the Mayor
Lee Yong-Sub to officially deliver the recommended plans to announce and
transforms the sixth largest city in Korea into a special government city for digital money. We also have meeting plans
with Kim Dong-Chan – the adviser – to ask for his support ".

According to the blockchain
association, the South Korean government has focused on the
manufacturing industry to create new jobs and do not pay attention to the
fourth industrial revolution. Converting the sixth largest city of Korea into
a digital currency center, one million new jobs would be created in the city.

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Some countries already have
has started to benefit from blockchain technology and cryptos. Kim In-Ki – the CEO
of Universal Group – has provided the example of Malta and Estonia that both have
has benefited enormously from their early adoption of blockchain technology.

Malta and Estonia were the precursors
of the fourth industrial revolution attracting blockchain organizations all over the world
invest in their cities. They have enjoyed a huge increase in the number
of jobs created.

Kim said that the government of
South Korea has sought to create jobs by focusing only on
manufacturing – shipbuilding or automotive, ignoring the rise of the fourth industrial revolution. Furthermore, the
the blockchain association also criticized the position of the South Government
Korea towards the digital currency and blockchain companies emphasizing
example that some national companies are forced to open trading platforms
out of the country due to hostile rules.

South Korea rejects digital currency exchange platforms such as Venture companies, fees to be doubled

KBEPA has had numerous rudeness
the instances. One of these instances includes a government move less than 3 months ago to exclude blockchain and digital
currency start-ups to be classified as venture companies. This means that they are
vital incentives such as tax benefits are denied.

During the announcement, the
government said the decision would apply immediately to blockchain e
cryptographic companies that would be created after the announcement. Existing blockchain
and digital currency companies would no longer be classified as venture companies
end 2018.

This resulted in an increase in corporate taxes and income
paid by digital currency trading platforms. Their tax rate has doubled. Above and
Bithumb were some of the trading platforms that should have been influenced in the
hostile move by the government.

The association blockchain is
supporting the greater adoption of
blockchain and digital currency in the country as well as the creation of
friendly regulations for digital currency companies and blockchain.

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