S. Korean Finance Minister: Blockchain Can ‘Revolutionize The World’

While on trip to China for economic talks, South Korea’s Finance Minister Kim Dong-yeon spoke positively about the potential for Blockchain, saying that “Blockchain technology can disrupt and revolutionize the world,” according to the South Korean-based Yonhap News Agency[1].

During a meeting with Zhou Xiaochuan, governor of the People’s Bank of China, Yeon also spoke of a need for more cooperation with China on Blockchain technology.

According to another Korean news site Chosun, Yeon reiterated[2] that the South Korean Finance Ministry has no plans to ban[3] or restrict cryptocurrencies within the country, adding:

“Blockchain technology is an important technological breakthrough to fuel the fourth industrial revolution and as such, the ministry will take a cautious approach in regulating the cryptocurrency market. For negative use cases of cryptocurrencies, the ministry will impose strict regulations.”

While some have made the case that cryptocurrencies aren’t necessary[4] for still reaping the benefits of Blockchain technology, Yeon sees the two as inextricably linked:

“For open-source blockchain networks, cryptocurrencies are necessary as incentives for individuals to participate in the network.”

Yeon’s positive comments about Blockchain and cryptocurrencies come after a period of harsher restrictions on crypto investing and exchanges in South Korea, with the country’s ban on anonymous trading[5] of cryptocurrencies and a false scare of an overall crypto ban[6] making the markets dip[7].