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Saturday, October 7, 2017

Crypto News: South Korean Crypto Community to Push Back Against ICO Ban

South Korean Crypto Community to Push Back Against ICO Ban

Leaders in the regional blockchain industry have said an ICO ban has no legal grounding. A Forbes article clarified, “Local crypto industry leaders argue that the ban is legally groundless. They fear overregulation will push local talent and currency to more welcoming jurisdictions like Switzerland, Singapore and Japan.” covered the issue when South Korea made the decision. Author Kevin Helms talked about why they issued the possible banning. He said, “The news outlet elaborated that ‘the decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.’”

Members of the Korean community were still surprised by the governments’ hasty decision to ban ICOs. They knew a negative announcement on ICOs were coming, but they did not foresee the implementation of a total ban. The CEO of Bitcoin Center Korea,  John Ra, provided some commentary on the announcement:

"We were expecting this kind of announcement, but we were surprised they used the words ‘total ban.’"

Full story at

Source: Bitcoin News

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