Unnecessary Disputes over Blockchain and Cryptocurrency




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For the last one year, blockchain and cryptocurrency were being hot potatoes in our society. Is crypto useful? Is it a scam? Con? Speculation? Can blockchain and crypto be possibly separated? These are some of the controversial issues and they do not seem to cease.

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The dispute over the crypto has reached its peak followed by a series of its comparisons to gambling and Tulip bubble by a policy maker and commentator respectively. The real tragedy, however, seems to have begun from here. Since the leaders of the society had too quickly proliferated negativities of the cryptocurrency without fully studying and understanding the cryptocurrency, this skewed bias seems to have been stamped on the public. In fact, it takes quite a lot of time and experiences in order to understand blockchain, crypto, and token economy. It’s literally impossible to understand it perfectly in a few days or even a few months.

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Despite the fact that we have a lot of experts who can speak out on blockchain and cryptocurrency to the government sector, business world, and society, we are still on the disputes over the cryptocurrency while the government seems doing nothing.

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▲ A global move of embracing the regulatory system.

It looks like the world has finished studying on cryptocurrency, unlike us. Though the dispute on its usefulness still exists, each country has been welcoming and implementing blockchain and cryptocurrency in necessary sectors according to its circumstances and needs. In fact, they are not wasting their time over unnecessary yes or no controversies.

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Germany has recently started recognizing securities which have been issued on blockchain as a legitimate financial item and recommended legalizing blockchain security to the congress so that it can be monitored by the law. Blockchain security means a security token which is banned by our government.

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Japan has been approaching to the crypto and exchanges in a more systemized fashion for a long time and has been in effort to having it applied to the industry in stages by minimizing side effects through institutionalization.

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Thailand is quickly emerging as a crypto hub in the south east Asia regions after legalizing it as assets and allowing Thai securities being traded on crypto exchanges as well as commercial banks doing businesses. These actions were taken right after a former prime minister has expressed that the crypto would be used along with the cash.

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Taiwan is reportedly to prepare draft for issuing security tokens and officially approve it around June this year.

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US is one of the biggest investors in crypto related fields while Argentine, Vietnam and more countries are gearing up to utilize the cryptocurrency systematically.

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The Korean government, however, seems to have ceased studying and researching on cryptocurrency and is not even reviewing any policy issues with a word, ‘crypto’ in it.

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What we need is a practical approach rather than a wasteful dispute.

Is crypto a real scam? Well, there is no such thing as crypto scam; it is rather a scam for ICO and it can be monitored by laws. One of the reasons behind ICO scams is because the government, which is responsible for management, is not taking any actions. I believe the usefulness and values of the crypto have been verified to some degree. In addition, crypto is a fast growing field, so it can’t stop the speculative capitals flowing in. It is no different from real states, securities or in any other fields; crypto just happens to be one of them.

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Crypto can be chosen to be used according to its needs. Actually, it has already penetrated into our real economy and trading volumes of widely known cryptocurrencies are continuously growing.

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Now, it is time for our government to take more serious approaches to the crypto in a practical manner. It is only unnecessary and wasteful to continue the disputes whether it is a scam or speculation.

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[Originally written in CCTV NEWS 04.01.2019 in http://www.cctvnews.co.kr/news/articleView.html?idxno=110764]



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