Ethereum co-founder Vitalik Buterin and a bipartisan group of lawmakers urged the South Korean government to deregulate the blockchain industry. They say the current laws are overly restrictive and therefore, inhibit innovation.
Buterin made the remarks while speaking at a meeting of the South Korean parliament, News1 reported.
“Blockchain is a technology that can be run without cryptocurrencies, but there is no crypto without blockchain. Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.”
Buterin was reacting to the Korean government’s “blockchain, not bitcoin” stance. South Korean officials have repeatedly tried to promote blockchain while undermining cryptocurrencies and banning ICOs.
But Buterin said crypto and blockchain are too intertwined and cannot be separated. Besides, he says, ICOs are starting to rehabilitate their sleazy image after a number of scams were stamped out.
“ICOs have certainly improved, and will continue to improve in the future.”
Moreover, Vitalik Buterin noted that the recent Crypto Winter has been good for the industry because it chased out the con artists and revealed which projects are here for the long term.