Recent issues in China and Korea
Governments around the world have shown different responses to blockchain and cryptocurrency. Among the various responses from many countries, China and Korea banned ICO. Ironically, China and Korea are showing large trading volume with Japan. Experts say that the reason for the active trade of cryptocurrency in Asian countries is the spread of the Internet and the adaptability of the new generation through games.
Initially Korea and China was one of the hubs of cryptocurrency. But there were many comments that the market began to stagnate as the government regulated it. However, the G20 summit has recently become a national issue, and China and South Korea are also making new movements that will have a positive impact on the outlook for cryptocurrency.
In China, a company supported by the Hangzhou government is currently working on a Stable Coin project. The news that the Chinese government is supporting company's Stable Coin is big news since they called for an ICO ban.
The Stable Coin project is hosted by Hong Kong's Block Chain Fund Grandshores Technology and is leaded by Li Xiaolai, a renowned Chinese Bitcoin rich. Li Xiaolai declared in October that he would leave the blockchain industry. However, he is drawing attention as he announced that he would lead the project of the Japanese yen-linked Stable Coin, which is different from the existing Stable Coins. They are planning to issue Stable coin that links the Hong Kong dollar with the Australian dollar in time. According to the foreign media, the Stable Coin will be published on the market in February of next year.
Along with China, South Korea, which has declared a total ban on the ICO, is also changing its attitude in a positive direction. Starting with Seoul Mayor Park Won-soon's block, the city's master plan, politicians to actively participated various conference. Since then, Choi Jong-koo, chairman of the Financial Services Commission, has mentioned virtual account services and has led the positive outlook for the Korean block chain in a positive direction.
There are many changes happening in Korea as well. Recently, National Assembly Affairs Committee Chairman Min Byung-doo made a statement at the E-daily blockchain Forum that the government will express its position on cryptocurrency, referring to overseas cases, and Deputy Prime Minister Hong Nam-ki also expressed his views on the cryptocurrency taxation. Experts predicted that government will continue to take the lead in the world.
As Ripple CEO Brad Garlinghouse said regulation will affect development of blockchain industry, Korean government's move is expected to improve the prospects for the cryptocurrency market.