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: CRYPTO AND BLOCKCHAIN ARE INTERTWINED
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.”
BUTERIN: MARKET SLUMP WAS GOOD FOR INDUSTRY
Moreover, Vitalik Buterin noted that the recent Crypto Winterhas been good for the industry because it chased out the con artists and revealed which projects are here for the long term.
“The recent crypto scandals and market recession have [uncovered which projects] turned out to be scams and which projects are going to be sustainable.”
REDDIT FOUNDER: CRYPTO NEEDED A PURGE
This is a sentiment echoed by Reddit founder Alexis Ohanian, an early investor in Coinbase.
In February 2019, Ohanian said bitcoin investors should not be discouraged by the extended bear market because the mass purge was good for the long-term health of the industry.
“The speculators have fled and that’s great. Because the people who are now building on crypto are true believers. They’re actually building the infrastructure that it’s going to take to really make this happen.”
