Jeju island

Jeju Island on the Verge to become another Blockchain Hub

After the success of the Zug, Switzerland in the cryptocurrency and blockchain technology which is famously known as the crypto valley, there have been numerous nations that want to grab the opportunity to nurture the new technology and that will keep them inspired to gain the popularity and add more to their economy.

After Zug gained the popularity as the crypto valley, Malta quickly grabbed the opportunity and wanted to take the help of the new technology that could be the reason for its rebirth. Followed by that the European nation ruled under a dictator, Belarus, also recognized the potential the new blockchain technology had what it could bring to their economy as viewed by their Dictator. Following the trend, Lithuania is also planning to be a crypto friendly hub in Europe.

Recently, the governor of Jeju Island, Korea, Won Hee-Ryon was among the rumours that he wants to make the Island a hub for the blockchain industry. He also formally requested the central government allocate the island an independent zone for blockchain and cryptocurrencies. Won said, “Blockchain is an opportunity for Korea to take the lead in global internet platform [development,]”. In the meeting, which had the presence of Korea’s finance minister, Kim Dong-Yeon, Won explained that Jeju Island could help the government implement necessary measures to develop the industry, such as deregulations.

According to Won, blockchain start-ups in Jeju would be free to hold initial coin offerings (ICO), a fund-raising activity where blockchain companies distribute their coins or tokens to potential users of their services or investors.

“Entrepreneurs looking to innovate should be allowed to raise funds through cryptocurrency,” Won further added.

The Korean government, a few months back, proposed to lift the ban on ICO that would help to complete the vision of Jeju Island to be the blockchain hub.

“If ICOs were allowed in the country, it would prevent the outflow of capital from Korea,” said an industrialist. “Korea has so many good projects which, unfortunately, all decide to make their coin offering elsewhere due to the government’s stance.”

However, the government in Korea has not fully accepted the plan to welcome the blockchain setup but Won is certain and encouraged to make them understand how blockchain business can flourish.