A Lawmaker of Korea’s Ruling Party Commits to end the ICO Ban

By Kapil Gauhar

Choosing to take the sight ICOs are a term of fraud, gambling or speculation, the Korean government started a ban on the investment vehicle a month ago. The one which sparked a strong backlash from the domestic blockchain startups.

Even then, some Korean lawmakers from the different party in the opposition have astride on these matters and are advocating for the legalization of ICOs. In such kind of situation where the incumbent government is trying hard with economic issues, it’s maybe natural that the opposition party would rally behind an ever-growing technology to establish an innovative image for itself.

Though, Min Byung-doo is one member of Minjoo party who has talked in favour of ICOs with a query that is submitted to the government, which is an unusual step for a prominent figure in the ruling party. But, it doesn’t square with either the government or Blue House line.

But not just is Min a leading figure, but he is also the Chairman of the National Policy Committee, that is considered to be the first hurdle to be cleared for those who are hoping to enact the legislation on cryptocurrency exchanges or ICOs.

In an interview, Min showed his considerations on cryptocurrencies, ICOs and the blockchain industry, as well as their outlook in South Korea. On asking why does Min Byung-doo think that ICOs should be permitted, he replied –

“There are some positive aspects to the regulations implemented by the government over the past year. A lot of the bubbles have burst, and people have realized that this is not a market they should be recklessly rushing into. The laws have served as a big preventive injection, so even if the regulations on ICOs and exchanges were repealed, I don’t think people would be jumping into these markets without careful consideration. I think the vaccine has succeeded, and it’s now time to open up the market.”