Vitalik Buterin, Co-founder of Ethereum (ETH), has joined politicians in South Korea in calling on the country’s government to ease regulations on the blockchain and crypto industry, reported by CCN.

Buterin made the statement during a meeting at the South Korean parliament in response to the administration’s acceptance of blockchain, but not Bitcoin (BTC). Buterin said, “Blockchain is a technology that can be run without cryptocurrencies, but there is no crypto without blockchain.” He explained, “Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.”

The South Korean government has been embracing the development of blockchain, but initial coin offerings (ICOs) have been repeatedly banned in the country.

The Ethereum co-founder asserted that the depressed crypto market has benefited the overall ecosystem, arguing that it separated serious players from short-term scams and revealed which cryptos will last in the long term.

The recent crypto scandals and market recession have [uncovered which projects] turned out to be scams and which projects are going to be sustainable,

Buterin said.

Reddit Founder Alexis Ohanian, who had made early investments in Coinbase, echoed the sentiments, saying that the bear market will prove to be advantageous after the low period.

The South Korean administration led by President Moon Jae-in had announced its ban on ICOs and revoked its tax breaks for crypto firms after several scams were reported in the crypto industry.

Players and developers in the South Korean crypto and blockchain ecosystem have reacted to the rigid regulations, urging the government to relax rules to promote the growing sector.

Source: www.ccn.com

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