During a recent visit to China, the Minister of Finance of South Korea, Kim Dong-yeon, has spoken positively about the potential of the blockchain technology. According to Yonhap, a news agency from South Korea, the minister said: “The blockchain technology could disrupt and turn the world around.”
In a meeting with Zhou Xiaochuan, the governor of the People’s Bank of China, the South Korean Minister of Finance repeated that his country is not planning to ban or limit the cryptocurrencies. He also added: “The blockchain technology is an important technological breakthrough in order to spark the fourth industrial revolution and, as such, the Ministry will take a cautious approach to the regulation of the cryptocurrency market. When it comes to the negative use of the cryptocurrencies, the Ministry will enforce strict regulations.”
Many people do not think the cryptocurrencies are necessary to reap the advantages of the blockchain technology, but the South Korean Minister of Finance disagrees: “The cryptocurrencies are necessary for the open code blockchain network as a stimulus for the individuals to participate in the network.”
The positive comments of the minister Dong-yeon regarding the blockchain technology and the cryptocurrencies are coming after a period of tighter regulations for the cryptocurrency investors and exchanges in South Korea. South Korea banned the anonymous cryptocurrency trading and the fake news about the general ban of the cryptocurrencies caused a big correction of the cryptocurrency market.