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Blockchain Can Revolutionize the World, Says South Korea Finance Minister

Kim Dong-Yeon, the South Korean finance minister has voiced his positive opinions for the blockchain technology and its potentials applications.

South Korea’s Finance Minister Kim Dong-yeon spoke positively about the potential for Blockchain while he was on trip to China last Friday. He said that “Blockchain technology can disrupt and revolutionize the world.”

Yeon highlights the importance of blockchain technology while discussing with the chief of China’s central bank. During his two day visit to Beijing, he discussed regarding both countries coming together on blockchain technology.

“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.”

According to Yonhap News report, he wants to collaborate South Korea and China over blockchain technology. Yeon citied that digital currencies are much needed for blockchain networks.

He said:

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

The series of positive comments come after another round of harsh regulations and announcements that almost torn apart the industry in South Korea. The country has since stilled the industry after banning anonymous crypto trading through banks in the country. It os meant to help in tracking against risk and scams as well as facilitate taxation.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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