Minister of Planning Korea’s Ministry of Finance: Blockchain Technology Can “Change the World”

nBankruptcy Commentary: While planning a visit to China recently, the Minister of Planning and Finance of South Korea not only discussed the issue of economic cooperation with the governor of the People’s Bank of China, but also issued a series of opinions on the currency and blockchain. He highly praised the role of the blockchain and expressed his hope to strengthen cooperation with China in this regard. From his remarks, it can be seen that the Korean government did not completely separate the encrypted currency from the blockchain and did not intend to completely ban the use of cryptocurrencies.n
nTranslation: Inan
Kim Dong-yan, South Korea’s Minister of Planning and Finance, pointed out during his recent visit to China that blockchain technology can change the world.n
Kim Dong-yan emphasized the importance of blockchain technology in his discussions with the governor of the People’s Bank of China on economic cooperation policies. In this two-day visit, apart from signing a new economic cooperation agreement with China, Kim Dong-ro also explored the technology of blockchain and called for the two countries to jointly carry out research on blockchain technology.n
According to “North Korea Daily” reports, Kim Dong Yan said in a speech at a Beijing conference:n
n”Blockchain technology is likely to be one of the core infrastructure of the Fourth Industrial Revolution, and the development of blockchain technology can really change the world.”n
nAccording to Yonhap news reports, Kim Dong-won visited a technology center in Beijing before meeting with the governor of the People’s Bank of China. He said that South Korea needs to establish a cooperative relationship with China based on blockchain technology.n
After sharing her understanding of the technology, Kim Dong-ro noticed that cryptocurrency is absolutely necessary for the public-chain network. This view is very different from the idea of ‚Äč‚Äčseparating cryptocurrencies and blockchains.n
He said:n
n”For the open blockchain, it has to do crypto-currency mining as a reward for the block creators.”n
nA few days before the South Korean official made his remarks, the South Korean government also indicated its position on cryptocurrencies.n
Kim Dong-yan emphasized last week the need to regulate South Korea’s cryptocurrency exchange:n
n”We do not plan to ban or suppress the cryptocurrency market, and blockchain technology is an important technology that the government needs to develop.”n
nThis official statement made this clear that South Korea will not close its local cryptocurrency exchange on the advice of its legal department. In fact, the major South Korean banks have implemented a real-name account system powered by KYC from January 30th to re-support cryptocurrency exchanges.n

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