Something’s brewing: Japan and South Korean blockchain advocates unite

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Over 200 companies have signed up for the consortium, including internationally acclaimed technology institutions.

Groups from two of Asia’s leading countries in the blockchain sphere are teaming up with each other: Japan’s Blockchain Collaborative Consortium (BCCC) and South Korea’s Korean Blockchain Open Forum (KBOF) have formally brokered a partnership at the Blockchain TechBiz Conference on Dec. 19 in Seoul.

According to BCCC, the partnership—which had been in the works since November—will ensure collaboration between the two countries in terms of advancing mainstream use for blockchains. BCCC Chairman Yoichiro Hirano believes that blockchain technology’s ability to transcend international borders is one of its remarkable features.

“One of blockchain’s special features is that it lacks borders,” Yoichiro said at the signing ceremony. He expressed a desire for the group to “cooperate with South Korea toward the development and popularization” of the technology.

Japan has been bidding on the race to be on the forefront of blockchain technology, facilitating mainstream usage and quickly acting on laws and regulation that would strengthen the relationship between the technology and consumer protection.

South Korea, on the other hand, holds one of the biggest markets for cryptocurrency trading. A few months ago, the government decided to follow China’s decision to crack down on ICO’s. Recently, the government also handed down a list of “emergency measures” to help regulate cryptocurrencies and protect their consumers.

The rules included banning banks from getting involved in cryptocurrency trade, as well as a ban against minors and foreigners from trading. A guideline on stricter crime surveillance and prosecution of violators is also planned, along with a possible taxation scheme.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.