Roger Ver, a popular cryptocurrency trader who has backed some of the largest companies in the world-wide crypto sector these types of as Blockchain, Zcash, BitPay, and Kraken, just lately sent the governor of Jeju Island of South Korea $100 well worth of bitcoin cash at a public occasion.
Humorous Kim Yeong-Ran Rule Banter
Around the weekend, Ver visited Jeju Island to endorse the use of cryptocurrency and talk about the foreseeable future of the blockchain field with the island’s governor, Won Hee-ryong, who has publicly expressed his intent to evolve Jeju Island into the up coming Zug and Malta of Asia with favorable regulatory frameworks targeted at cryptocurrency companies.
At a cryptocurrency meeting participated by Governor Won, Ver sent $100 in bitcoin cash to the governor and his associates to reveal the ability of cryptocurrencies to aid the transfer of instantaneous payments.
As Ver experimented with to ship $100 in bitcoin cash to Governor Won, one particular of the associates advised Ver, “in South Korea, there is a policy named the “Kim Yeong-Ran rule,” to which Ver responded, “is there a lawful issue in sending a payment to the governor?”
Governor Won stepped in and advised Ver that in the country, it is not appropriate for people in a greater rating, especially federal government officers, to consider objects, reward cards, and dollars well worth a lot more than $30 in a single transaction. Therefore, technically, Ver sending $100 to Governor Won could violate the Kim Yeong-Ran rule, as the amount of money is larger than $30.
Even so, Governor Won emphasized to Ver and the rest of the members of the meeting that he was only bantering and that in this situation, the Kim Yeong-Ran rule does not implement simply because it was dealt with in a public occasion and it will be recorded as a unique payment by the federal government, which could be made use of to fund charities.
Humorously, Governor Won explained that he will use the $100 he acquired applying bitcoin cash to pay for meal after the occasion, eliminating the likelihood of the Kim Yeong-Ran rule applying to that particular transaction.
Why Was Ver in Jeju Island?
Around the earlier month, with the approval of South Korea’s very first cryptocurrency and blockchain laws on the horizon, Jeju Island and other regional governments including Busan and Sejong have publicly disclosed their intent to focus on escalating the nearby cryptocurrency market and blockchain sector.
Uniquely, South Korea has a piece of regulation in area which excludes Jeju Island from most of the federal rules set up by the federal government, giving the federal government of Jeju Island authority to set up its possess policies and operate an autonomous federal government.
Jeju Island has been checking out several feasible regulatory frameworks it can undertake in addition to the nationwide cryptocurrency laws to generate a helpful ecosystem for cryptocurrency companies. Aside from tax positive aspects, the federal government of Jeju Island has explained that it may fall the initial coin offering (ICO) ban on domestic startups, which would let nearby companies to conduct token profits inside of South Korea, in Jeju Island.
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