A regulatory body for Blockchain technology; Bitcoin transactions will now be monitored

The lawmaking body in South Korea has expressed a need for regulation around blockchain technology. To cater the concern, a panel of judges, industry professionals, and law enforcement authorities have joined hands in forming a regulatory body. The purpose of this body is to monitor and control the legal issues regarding the know-how of the blockchain.

Why is the need for a regulatory body so important?

As we all know that blockchain being the brainchild of Satoshi Nakamoto, allows the information regarding the bitcoin transaction to be stored in digital form. In this respect blockchain technology is the spine of the new innovative internet. Though this technology was initially designed for bitcoin purpose, people are now devising new ways as to how this technology can be used for other purposes.

The conference at Seoul Central District Court

Keeping in mind that people may misuse the blockchain technology, the lawmakers along with the industrialist have decided that it’s high time that blockchain now needs a monitoring stance. For this, the regulatory body has arranged for a conference that would commence on 24th August 2018 in Seoul Central District Court. In this conference, the interlocutors will not only discuss how blockchain technology will be monitored but also how to operate the technology in a legitimate and authorized environment.

Blockchain Law Society

The press release that was issued on Monday elucidated that the regulatory organization by the name of “The Blockchain Law Society” is headed by the Chief Judge of the District court in Daejeon. This organization will have no government intervention instead the industry will nurture negotiations between lawmaking bodies and the justice of South Korea or other institutions in the society.

The press release also asserted that the sole purpose of this society is not to explore the legal scenarios around blockchain technology. Instead, this society will also encourage how the blockchain technology can be studied through a merger of different branches of an organization such as economics, business, and engineering.

The objectives of the Conference

At the conference, the use of blockchain technology will be perceived through bookkeeping and taxation policies, the problems regarding the legitimacy of the shrewd deals, investigation on blockchain regulation and the security mechanisms regarding the new blockchain.

This regulatory body emerges at a correct time when the lawmakers were increasingly concerned about the need of regulation for the bitcoin, blockchain and the related transactions.

Meanwhile, the government of South Korea is still unsure whether to support the enhancement of blockchain technology for other uses in providing technical and financial resources.