Did Roger Ver Violate The Kim Yeong-Ran Rule In Jeju?

BTC Wires: On his recent visit to the beautiful island of Jeju, in an attempt to sow the seeds of crypto, Roger Ver went on to gift $100 worth of Bitcoin cash to Jeju’s Governor- Won Hee-ryong.

Owing to his great fame and influence in the global blockchain ecosystem and crypto world, there is little more left to be said about Roger Ver. For the less informed, Mr. Ver is credited with having supported the largest enterprises in the crypto sector. Some popularly known names in that list would be BitPay, Zcash, Kraken, etc.

The man with the moves visited the Jeju island over the weekend in order to propagate the beneficiary uses of crypto and blockchain. Another agenda for Ver’s visit was to discuss the future of Jeju with regards to cryptocurrency and blockchain implementation with the island’s Governor, Won Hee-ryong. The Governor has apparently embarked a mission to make Jeju the next Asian hub for crypto and blockchain technology. In order to attract crypto based business, the Governor has been considering several elements to process a favourable framework.

During his visit, Ver was part of a conference which was also attended by Governor Won Hee-ryong and other associates. At this event, Roger sent across $100 to the Governor in Bitcoin cash as an example of how fast and convenient financial transfers could really get with crypto. In the process of making the transfer, Ver learned from an associate about the existing rule of Kim Yeong-Ran. As per this rule, a high ranking official in Jeju cannot receive items, gift cards, or money worth more than $30 in a single transaction. Therefore, Ver’s kind gesture technically accounted as an illegal action.

To this, the Governor lightened the situation by stressing how he was making healthy rants, and how the Kim Yeong-Ran rule did not apply to this situation as this was a public event. The Governor further expired the fire by humouring that in order to validate Ver’s considerate gift, he will pay for the after- event-dinner with the $100 that he received via Bitcoin cash. Close save, eh?

After the recent approval of South Korea’s first crypto and blockchain legislation, Jeju and its neighbouring provinces have been very chirpy about their intentions of blockchain implementations. In addition to tax benefits, Jeju’s government might actually drop the ICO ban that they had put on domestic startups, enabling local enterprises to process sale of tokens within South Korea.

Dmitriy

Having majored in Social Psychology and Economics, I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. I write financial articles for various international media. I also hold the position of a Chief Analyst at RoboForex.