There aren’t many advocates against the ban of domestic cryptocurrency exchanges in South Korea. One of them, however, is the finance minister Kim Dong-yeon who believes that the blockchain technology should not be banned. Instead, he thinks that it can “change the world”.
According to Dong-yeon, the importance of blockchain technology is crucial. He stressed this a couple of times while holding talks with the chief of China’s central bank on the cooperative economic policies. After their new economic cooperation pact with China during a two-day visit, Yeon also discussed the blockchain technology while calling for both countries to come together in the development of the technology.
As he said in Beijing:
“Blockchain technology has the potential to become one of the core infrastructures of the fourth industrial revolution. The development of blockchain technology can really change the world. ”
Dong-yeon also pointed that cryptocurrencies are essential for public blockchain networks – and that he visited a lot of hubs in China ahead of making these decisions.
“For open [blockchains], it has to have mining with cryptocurrencies as a reward for the person creating the block.”, he stated.
However, the Korean officials have revealed their clear opinion on the government’s stance on cryptocurrencies. As they said, “There is no intention to ban or suppress the cryptocurrency (market). Blockchain technology is an important technology and we [the government] will need to develop it.”
So, the future of blockchain and cryptocurrencies in South Korea is not clear yet, even though Korean banks began supporting the cryptocurrency exchanges with the KYC-enabled accounts from January 30th this year.
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