The Finance Minister of South Korea: Blockchain Can ‘Revolutionize The World’

Being on trip to China for economic negotiations, S. Korea’s Finance Minister Kim Dong-yeon spoke positively about the potential for Blockchain, saying that “Blockchain technology can destroy and revolutionize the world,” in accordance with the S. Korean-based Yonhap News Agency.

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

In accordance with another Korean news site Chosun, Yeon confirmed that the S. Korean Finance Ministry has no plans to forbid or constrain cryptocurrencies within the country, saying:

“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 claimed that cryptocurrencies aren’t necessary for still getting the profit of Blockchain technology, Yeon sees the two as inextricably connected:

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

Yeon’s favourable comments about Blockchain and cryptocurrencies come after a period of sterner bounds on crypto investing and exchanges in South Korea, with the country’s taboo on anonymous trading of cryptocurrencies and a false panic of a global crypto ban making the markets fall.

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