Governments in Asia are still struggling to find a balance between regulating cryptocurrencies and supporting developments in the crypto industry that may drive their economies forward. However, South Korea and China are demonstrating more interest in crypto through developments in blockchain- and crypto-related projects.
According to Forkast.news, the South Korean government has announced its plan to establish a special enterprise zone for cryptocurrency trading and initial coin offerings (ICOs), after President Moon Jae-in’s administration established Busan as a blockchain “regulation-free” zone.
Busan – located in the country’s southeast – is now a thriving city with the nation’s second largest population after Seoul.
Experts have speculated that this huge push could drive Busan to become a model for other cities in Asia. However, the South Korean government will still need to issue regulations to promote further growth in the crypto industry, such as legalizing ICOs, which would allow companies to raise funds for blockchain development projects.
Meanwhile, all eyes are on China as reports have emerged that the country’s central bank, the People’s Bank of China, will be introducing its own stated-back digital currency in a bid by the government to take control of cryptocurrency development in the country.
There are several advantages for the Chinese government in issuing its own crypto, from increased oversight into suspicious activities such as money laundering or tax evasion, to allowing its central bank more insight into the amount of currency being circulated in and out of its financial systems.
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