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South Korean Lawyers Seek Cryptocurrency Laws

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South Korean lawyers have sought the legal framework from the government so that it would support digital coins and also protect investors interests.

Though the governments across the world are yet to come out with concrete regulations on cryptocurrencies, the pressure is being built on the establishment slowly and steadily. This is also quite evident when South Korean lawyers have sought the legal framework from the government so that it would support not only the distributed ledger technology-based (DLT) digital coins but also protect investors’ interests. Currently, there is no clarity from the government side though they are not ready to ignore the emerging sector altogether.

 

Public Campaign

It is not a frequent practice that the Korean Lawyers Bar Association seeks government intervention in creating specific laws for a particular technology or business interest groups. Therefore, their latest call is a rare phenomenon and a public campaign for cryptocurrency segment, which is gaining traction across the globe. Significantly, the country is known for its high-tech innovation and is regarded as home to digital coin exchanges like Bithumb and Coinbit. However, the establishment is facing the wrath from its own experts for ignoring the DLT.

It is not just South Korea but every other country in the world is cautious about the digital currency segment though there has been enough support for blockchain technology. The DLT is hailed as the most disruptive one in a decade, i.e., after the launch of iPhone ten years ago. Interestingly, the emerging technology is not only used in virtual assets but also in other areas like supply chain management. In short, the technology is enabling decentralized environment relative to the centralized nature.

 

Negative Perceptions

The call given by the South Korean lawyers assume significance since the bar association president, Kim Hyun, said that the government should do away from any negative perceptions on the cryptocurrencies. He also urged the government to remove the hesitation and wanted the establishment to come out with bills that should support the creation of the blockchain industry. At the same time, he has urged to take preventive steps for any side effects concerning the virtual assets.

On its part, the government indicated that it would take a decision on any regulation about DLT only after a complete study of the emerging sector. The establishment disclosed that both government and financial regulators are currently engaged in studying the blockchain technology, and they will analyze the pros and cons of encouraging the sector. The government wants the study to be completed before coming out with its course of action.

 

Protect From Fraud

The feature of the DLT is that it should record transactions of cryptocurrencies in such a way that protects deposits from any fraud. However, there are several incidents of hacking in the current year alone wherein more than $1 billion worth of virtual assets were stolen by cybercriminals. Since bitcoin enjoys the highest price, it is preferred by hackers too.

Currently, there is lack of clarity on the treatment of cryptocurrencies. For instance, the United States’ Securities and Exchange Commission (SEC) believe that most of the virtual assets fall under the category of securities. Similarly, though Japan is encouraging the emerging technology, it is also tightening its screws after witnessing more than $0.5 billion stolen from a cryptocurrency exchange.

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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