Joseon Blockchain and Currency Act of 2023

By the grace of God and the goodwill of the people of Joseon and the King, who has given his consent, let it be enacted as follows:

 

1. General Provisions
   1. The Ministry of Technology shall launch a blockchain in accordance with this Act in Joseon.
   2. The blockchain shall be called the Joseon Blockchain (“Blockchain”).
   3. The Blockchain will be used for various government functions, including but not limited to the issuance of currency, voting, domiciled business functionality, identity verification, and other related applications.
2. Currency
   1. The Blockchain will introduce Joseon’s fiat currency called Mun.
   2. Mun shall be the official currency of Joseon, and shall be utilized for all government transactions, as well as public and private transactions within the jurisdiction of Joseon.
   3. The value of Mun shall be determined by market forces and may be exchanged for other currencies at prevailing exchange rates.
   4. The Ministry of Finance shall be responsible for the regulation, issuance, and circulation of Mun, as well as the establishment of monetary policies in accordance with the economic objectives of Joseon.
   5. The Blockchain shall provide transparency and security for all transactions involving Mun, ensuring a high level of trust and reliability in the currency.
3. Smart Contracts
   1. Smart contracts are self-executing contracts with the terms of the agreement between parties being directly written into code.
   2. The Blockchain shall support the creation, execution, and enforcement of smart contracts, enabling a wide range of applications and use cases, including but not limited to financial services, supply chain management, and government services.
   3. The Ministry of Technology shall establish standards, guidelines, and best practices for the development, deployment, and operation of smart contracts on the Blockchain, with the aim of ensuring their security, reliability, and interoperability.
   4. The use of smart contracts within the jurisdiction of Joseon shall be subject to the laws and regulations of Joseon, as well as any applicable international agreements and treaties.
4. Digital Identity and Privacy
   1. The Blockchain shall support the creation and management of digital identities for denizens of Joseon, enabling a secure and efficient means of identity verification for various government and private sector services.
   2. The Ministry of Technology, in collaboration with other relevant government agencies, shall develop a comprehensive framework for digital identity management, ensuring the protection of personal data and privacy while facilitating the delivery of essential services to denizens.
   3. The use of digital identities on the Blockchain shall be subject to the laws and regulations of Joseon, as well as any applicable international agreements and treaties.
5. Regulatory Framework
   1. The Ministry of Technology, in collaboration with other relevant government agencies, shall establish a regulatory framework for the development, deployment, and operation of the Blockchain and its associated technologies, with the aim of fostering innovation, promoting economic growth, and ensuring the security and stability of the Joseon digital ecosystem.
   2. The regulatory framework shall be based on the principles of technology neutrality, proportionality, and risk-based regulation, with due consideration given to the unique characteristics and potential benefits of the Blockchain and its associated technologies.
   3. The Ministry of Technology shall periodically review and update the regulatory framework as necessary, in response to technological advancements, market developments, and emerging risks and opportunities.
6. Amendments
   1. This Act may be amended by the Council of Dignitaries, Elders, and Revisionists (CODERS) in accordance with the established legislative processes, and with the approval of the King.
   2. This Act shall come into force on the date of its enactment and shall apply to all activities related to the Blockchain and its associated technologies within the jurisdiction of Joseon from that date forward.