Faryar Shirzad expressed:  Developments in crypto policy are moving quickly. Governments around the world are assessing the potential of crypto and increasing their understanding of the technology. South Korea is no exception.

It’s a fascinating country to watch as leaders there work to integrate crypto technology into their economy, and the central bank explores the potential of a digital won.

For clarity, The Democratic party is the ruling party in South Korea.  The ruling government has promised to make a dramatic U-turn on its crypto policy, while claiming that “the time has come” for the government to stop regulating crypto and to begin “fostering” the industry.

The expectation is that the current ruling party will be clinging on to power in next year’s general elections.  The current President Moon Jae-in regime’s a hardline stance in matters of regulation.

The Democratic party’s presidency nominee, has hinted that he might consider giving tokens away to all South Korean citizens.

Reportedly, Song Young-gil, the Democratic Party’s chairman, has stated that the government “needs to establish a ‘blockchain department” in Busan the blockchain regulation-free zone.

Further claimed that this move will make the country more competitive in the “digital currency” space.

He has also stated that cryptocurrency and blockchain are the two sides of the same coin.

He also expressed: “Busan was designated as a blockchain regulatory free zone in 2019, but the [intended] results have not been achieved because the government has viewed virtual asset exchanges in a negative light and suppressed virtual assets while nurturing blockchain technology.”

Further, it also looks like the Central Bank of Korea (BOK) will be unveiling its digital won plans in full during 2022.  This will happen after the completion of a six-month-long pilot.

BOK Deputy Governor Bae Jun-seok has stated: “We are currently conducting a [digital KRW] pilot to test the technical implementation potential of its basic functions, such as online and offline payment, with the goal of completing this process in June next year.”

Community Reaction:  You and the crypto world all know very well that this is no regulation waiting twith open arms to hug. They are working out deeply planned agenda to wipe out the problem (crypto) that has siphoned out 3 plus trillion $ from the centralised monetary SYSTEM.

They want that 3 trillion in circulation not sitting in some whale’s cold wallets.

South Korea’s economy is now in a bubble. If there is a problem with cryptocurrency, this country will get in big trouble.