The South Korean government is examining an end to the country’s ban on ICO’s as it explores ways to boost its crypto economy.S.Korea Explores ways to Boost Blockchain
The country which banned initial coin offerings (ICO’s), a popular way for fintech companies to raise capital, in September 2017 is now having another look at allowing the method to take place as it worries about falling behind in developing blockchain based fields.
According to Business Korea, during a briefing on IT and Fintech the country’s Financial Supervisory Service (FSS) announced plans to revitalize blockchain technology.
Methods talked about including attending international conferences, promoting the use of the technology for companies within the country, and by dedicating financial resources to its promotion and use. The ministry of science will contribute 4.2 billion won ($3.94 million) of its budget to support blockchain technology projects.Private Sector Urges a Lift on ICO Ban
Market watchers in the country though are calling for a lift of the ICO ban in order to finance the development of blockchain projects in a meaningful way.