South Korea’s tryst with cryptocurrencies has clearly made an impact on other countries with Uzbekistan and Belarus tying up with the South Asian country to improve their cryptocurrency industries.
Just a few days back, Uzbekistan had released a new presidential circular that legalized the trading of cryptocurrency assets in the country. The circular came in the wake of an earlier decree that was released by the Asian country which had started the groundwork for legalizing cryptocurrency trade. Shavka Mirziyoyev, the President of Uzbekistan has been quite the trailblazer for the country in the fintech industry making trade policy implementations and market shake-ups a priority.
The Uzbek government has taken the help of the Korean Blockchain Business Association [KOBEA] to learn the inner workings of the cryptocurrency sector and to ensure proper implementation of the required protocols. The country was also in the news for trying to develop ‘ Uzbekistan Revolution 4.0’, a state-funded project that aims to integrate the blockchain industry and cryptocurrency industry with Uzbekistan’s development model.
KOBEA also plans to start a blockchain academy a mining program within the country thereby taking mainstream adoption of cryptocurrencies to a new level. According to reports, Uzbekistan is following the trail of another country in Europe this time, Belarus. Alexandar Lukashenko, the president of Belarus has gone ahead and stated that the government is out to ensure that cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] can help in making transactions more seamless and safer.
Belarus’ governmental body, the Parliamentary Assembly of the Organization for Security and Cooperation in Europe [OSCE] has also been in the news for upping the ‘technology ante’. The OSCE had put forth a draft resolution titled “ On the digital economy” which was passed in the committee to raucous applause.
South Korea’s efforts to propagate the mainstream adoption of cryptocurrencies has been lauded across the world with the country passing a new bill that would protect cryptos such as Bitcoin and XRP just a few months back.
Hong Seong-ki, the virtual currency response team head at South Korea’s Financial Services Commission had stated:
“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible.”
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