Many lawyers and law professors welcomed the recent Constitutional appeal against the government’s banning of the initial coin offering (ICO).
The positive reaction came out after blockchain startup Presto filed an appeal with the Constitutional Court against the ICO ban.|
Seoul lawyer Kim Dong-joo said, “The appeal is a stern reminder that the government should not be arbitrary in using its administrative power.” Regardless of what ruling or reaction would come out from the court, the appeal is a warning to the government not to limit the freedom of business, he added.
Another lawyer Ha Jong-won said, “The appeal itself would serve to have a positive impact on the development of the blockchain industry.”
Another lawyer Kwon Dan said, “The appeal would put enormous pressure on the financial regulator to do something.” He added, “So far when the government bans, people just followed and obeyed the order from the government.” “The government could no longer expect such passive and docile attitude from the people,” he said, “When the government hampers individual freedom, everybody can challenge any government decision.”
The appeal also sent a stern warning that the government should limit the individual freedom only on the basis of laws, not through its arbitrary instruction, he added. The latest appeal also challenged the prevailing myth that the government is always right and that the people must always follow what the government says, a Seoul professor said.
