Ver had been spending some time in the country and was in Jeju Islands for over a week to promote cryptocurrency adoption and discuss what future has in store for the blockchain technology with the Jeju Islands’ governor Won Hee-ryong. The governor has been supportive of the blockchain tech and has been vocal about making Jeju the next Malta as far as the regulatory framework related to cryptocurrency is concerned.
At one of the cryptocurrency conferences that were attended by Won Hee-ryong and his associates, Roger Ver reportedly sent $100 in Bitcoin Cash to the governor in order to demonstrate the transfer of instantaneous payments using cryptocurrencies.
As Ver tried sending $100, one of the governor’s officials interrupted and told him about a policy called ‘Kim Yeong-Ran rule’ prevalent in South Korea, to which Ver replied by saying, “is there a legal problem in sending a payment to the governor?
Governor Won interceded and told Ver that it was inappropriate for any high ranking official in their country, especially government officials to accept any kind of gifts, whether tangible goods or money worth more than $30 in a single transaction. Therefore, Ver sending him $100 could violate the Kim Yeong-Ran rule.
But it turned out that the governor intended it humorously. The governor then clarified to Ver and the other officials that he was bantering about the above mentioned policy and that the Kim Yeong-Ran rule doesn’t apply here as the transaction took place in the light of a public event. It will later be recorded as a government transaction (here, payment) and will be donated to charity funds.
Jeju Islands has been long exploring the possibilities of converting itself into a crypto hub by working on crypto-friendly regulatory framework. Moreover, the constitution of South Korea enables Jeju Islands to autonomously work on its rules and regulations. The legislators of the Jeju Islands plan on dropping the Initial Coin Offering (ICO) ban on domestic startups that will provide the local firms with impetus to carry out token sales in South Korea.