Ripple’s Vice President Eric van Miltenburg recently said that South Korea needs to loosen up regarding its cryptocurrency regulations, in a phone interview with The Korea Times.
Miltenburg said that the country needs to pass laws “that bounce[s], that protects consumers without stealing or prohibiting innovation.” He admits that there are negative aspects to emerging technologies, but he urged the government to not focus on the bad, and implement regulations that promote the crypto market instead of stifling its growth.
And what would the country get from becoming friendly toward cryptocurrency and blockchain? Miltenburg explained that from the start of the Initial Coin Offering (ICO) ban, many blockchain startups have since moved to more cordial countries like Switzerland and Singapore. Once South Korea joins the others in welcoming cryptos since it already has the third largest crypto market in terms of volume.
Ripple, in collaboration with different universities around the world, has had produced positive impact especially in the security of blockchain technology algorithms. Miltenburg said that they are on the lookout “for schools already involved in blockchain that have some professors that have seen the potential of [the] blockchain [technology]. We wanted to help accelerate what those faculties and administrators are trying to do.”
In South Korea, Ripple has already collaborated with Korea University and is looking to find more partners to help with regarding blockchain integration into their systems.
(Photo Credit: Ripple’s VP)