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Blockchain Tech Can ‘Change the World’, Says South Korea’s Finance Minister

Last Updated March 4, 2021 5:04 PM
Samburaj Das
Last Updated March 4, 2021 5:04 PM

South Korea’s finance minister, notably an advocate against a proposed ban for domestic cryptocurrency exchanges, has stated that blockchain technology can revolutionize and “change the world” during a ministerial trip to China.

South Korean finance minister Kim Dong-yeon has underlined the importance of blockchain technology while holding talks with the chief of China’s central bank on cooperative economic policies. Upon signing a new economic cooperation pact  with China during a two-day visit, Yeon also discussed blockchain technology while calling for both countries to come together in the research and development of blockchain technology.

In quotes reported by Korean publication Chosun , Kim was speaking at a meeting in Beijing when he stated:

“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.”

South Korea needs to establish cooperative ties with China over blockchain technology, Kim reportedly added when visiting a technology hub in Beijing ahead of meeting his Chinese counterpart, according to a Yonhap News report .

In demonstrating an understanding of the technology, Yeon went on to add that cryptocurrencies are entirely essential for public blockchain networks, contrary to calls to separate the two.

He stated:

“For open [blockchains], it has to have mining with cryptocurrencies as a reward for the person creating the block.”

The Korean official’s embracive remarks on blockchain technology comes within days of revealing a clear opinion on the government’s stance on cryptocurrencies.

Underlining a need to regulate cryptocurrency exchanges in the country, Kim stated last week:

“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.”

The official’s explicit statement dismissed heightened talk of a wider ban on cryptocurrency exchanges following a much-criticized regulatory draft outlining a ban by Korea’s justice ministry. Instead, new rules mandating the end of anonymous cryptocurrency trading accounts have already kicked in after Korean banks began supporting cryptocurrency exchanges with KYC-enabled accounts with traders’ real-names from January 30.

Featured image from Youtube/ARIRANG NEWS .