Vitalik Buterin, Ethereum co-founder spoke at a specially convened blockchain-related gathering hosted by the South Korean National Assembly. During the occasion, he told members of the parliament that cryptocurrencies are absolutely necessary and inseparable from the Blockchain innovations.

Speaking on the floor of the House, Vitalik stated,

“Blockchain and cryptocurrencies are difficult to separate. […] Public blockchains rely heavily on cryptocurrencies. As such, cryptocurrencies are absolutely necessary.

He noted that public blockchain greatly rely on the creation and use of cryptocurrencies which makes them almost indispensable within the blockchain ecosystem. He made it clear that incentives are mostly in form of cryptocurrencies which must be made available on decentralized networks with little or no restrictions in participation.

Lopsided Interest

The South Korean government has shown disinterest that borders on disdain for the cryptocurrency industry but has been pro-blockchain technology and has been striving to separate it from the broader blockchain.

Since 2017, Seoul had placed a controversial ban on ICOs as the endeavor remains illegal in the country. However, the government has continued to show support for blockchain seeing it as a driver that could help boost the economy.

Cryptocurrency businesses remain are classified with financial services related to  gambling and nightlife activities restricting investments in them. Besides, the government shows no signs of  relaxing its stance on cryptocurrency despite opposition to the stance by enthusiasts and some legislators.

Countering the opinion of the Korean government which also banned initial coin offerings, Vitalik Buterin stressed that,

“The [quality] of ICO projects has certainly improved in recent times, and will continue to do so in the future.”