Blockchain Can Change the World, South Korean Finance Minister Declares
South Korean finance minister Kim Dong-yeon has voiced his admiration for the blockchain technology and its game-changing potential.
As tension continues to build up over the South Korean drama with cryptocurrencies, finance minister Kim Dong-yeon has stepped forward to profess his love for blockchain technology and its potential applications.
“The blockchain has potential as one of the core infrastructures of the fourth industrial revolution. There are still concerns regarding technical developments and more security measures, but the development of blockchain can really change the world,” he said.
Kim Dong-yeon is also an adamant opponent of the cryptocurrency ban proposed by the South Korean government.
“We’re not thinking about eliminating or suppressing virtual currency. Blockchain technology is an important pillar of the fourth industrial revolution, so we will develop it if we are interested and need it,” he added.
Despite his own feelings on the subject, Kim still has to contend with the internal government tensions.
He said that he “cannot rule out” a ban on cryptocurrencies due to pressure coming from parliament, in particular from a lawmaker named Yoo Seung-min.
However, he noted that if such a ban came to pass, it would have serious implications for the country.
New York University professor Kim Dae-jung chimed in, saying that blockchain technology could lead to a world that doesn’t need intermediaries to manage transactions.
Just a few days ago, a new regulation took effect in South Korea forcing exchanges to de-anonymize their users’ accounts. This means users are required to present identification before making transactions.
The move was announced towards the end of last month, and the rules include provisions that would ban minors from operating in the cryptocurrency market and also foreigners from participating in local exchanges.
The drama will keep unfolding as the government stretches out the debate on whether or not exchanges should operate in the country.