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.

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 that the South Korean Finance Ministry has no plans to ban 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 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 of cryptocurrencies and a false scare of an overall crypto ban making the markets dip.