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Crypto Corner: Korean Bar Association Petitions State for Legal Framework, South Korea Pledges to Triple #Blockchain Budget, Thai PM Calls for More Regulation of #Crypto

November 8th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch

 

Point Roberts, WA and Delta, BC - November 8, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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Crypto Corner: Korean Bar Association Petitions State for Legal Framework, South Korea Pledges to Triple #Blockchain Budget, Thai PM Calls for More Regulation of #Crypto

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Crypto Corner

Market Sees Red, Korean Bar Association Petitions State for Legal Framework, South Korea Pledges to Triple Blockchain Budget, Thai PM Calls for More Regulation of Crypto and Nine Leading Shipping Operators Launch Blockchain Network

The brief crypto bull-run we've seen this week may be over, as most of the top 100 coins listed by market cap are in the red today, according to CoinMarketCap. Total market capitalization is down $5 billion USD from yesterday, sitting at $214 billion USD at press time. However, with total market cap still being $10 billion higher than this time last week, it is perhaps too early to say definitively whether the market has lost momentum.

Reuters reports that South Korean lawyers publicly lobbied the government today to establish a legal framework for the cryptocurrency space. The Korean Bar Association rarely campaigns for the interests of particular tech or business groups, but Bar President Kim Hyun pushed for quick action in the space at a news conference held at parliament.

"We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies."

Korea Economic Daily reports that the country's government intends to triple the budget allocated to blockchain technology. The state will invest 40 billion won ($35.7 million USD) into distributed ledger technology and blockchain development. This did not please everyone, however, as Professor Han Ho-hyun of Kyunghee University felt the government could spend even more on the technology.

"I admit that it is difficult to secure 40 billion won by tripling next year, but [we] have to spend more [on our] budget. The size of other countries' [budget] is tens of trillion. We can invest more than 100 trillion won in three years."

Over in Thailand, Prime Minister Wissanu Krea-ngam is calling for more control over cryptocurrency, according to the Bangkok Post. At the Counter Terrorism Financing Summit yesterday, Krea-ngam stressed the risk of terrorism, money-laundering and the anonymity provided by cryptocurrencies, making it difficult for authorities to track them.

"The negative impact of digital currencies has been discussed for some time, with several legal measures implemented to prevent their misuse. However, more efforts – both domestically and internationally – are needed to keep up with changing times and tactics."

The Maritime Executive reports that nine ocean carriers and terminal operators have signed a memorandum of understanding to develop the Global Shipping Business Network (GSBN), which is an "open digital platform" based on the blockchain. According to the report, the first planned application, which will be available in December 2018, will "allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process".

Sam Mowers, Investorideas

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