South Korean Lawyers Wants Cryptocurrency Laws
On Thursday, the Lawyers at South Korea influence the government to quickly announce a legal framework. This framework request is to help build a blockchain cryptocurrency industry for guarding investors.
Meanwhile, The Korean Bar Association is a membership which is compulsory for every local lawyer. They found it rare to campaign publicly for particular business interest or technological groups.
The South Korean government, one amongst the world’s reputable high-tech countries being a shelter for leading cryptocurrency exchanges including Bithumb and Coinbit, are criticizing to ignore blockchain technology. Also, Kim Hyun, the president at Bar Association says at a news conference boarding in parliament,
We urge the government to break away from negative perceptions and hesitation and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.
The government will decide the position on cryptocurrency regulation after going through a thorough study. This research study is now in a process by both governments with financial regulators. Moreover, they are waiting for the time when the study completes.
They are behind blockchain technology that features distributed ledger network databases able to record virtual currency transactions. However, that too in such a way supposedly to guard their virtual deposits from any type of tamper and scam. Although there are many bitcoin hacking incidents that have been reporting recently.