South Korea is an important market for the global crypto system. It has banned the virtual accounts, but continues to support the cryptocurrency trading. At an economic event organized in China on 2 February 2018, the Minister of Finance has defended his opinion about the blockchain technology.
The South Korea’s government isn’t interested in banning the crypto trading. However, they want just to regulate and control it. Kim Dong-Yeon, the Minister of Finance argued that “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.”, replied Chosun.
While in China, the South Korean Minister had a meeting with the People’s Bank of China’s governor. These two talked about a potential partnership between countries. Mr. Yeon ensured that using and investing in blockchain technology will bring enormous benefits to the economies of the involved countries.
Mr. Yeon had the opportunity to visit the advanced technology hub, called Zhongguancun, based in Beijing. Also, he added that wants to invest in a blockchain technology platform near Seoul, drawing from Silicon Valley. The “2nd Techno Valley” will encourage around 1,400 startups to work side by side with the South Korean government.
The future plans seem to be promising for both economies. Kim Dong-Yeon managed to persuade He Lifeng about the need of developing the digital technology, arguing that “Both Korea and China are focused on developing their economies through innovation. We will have to step up cooperation in all these areas”.
We want to remember that last week the South Korean Minister of Finance claimed that “There is no intention to ban or suppress the cryptocurrency (market). Blockchain technology is an important technology and we [the government] will need to develop it.”.
These are great news both for investors and users. Imagine that two powerful countries will collaborate at the same project. The result will amaze everyone.
Do you think that the collaboration between China and South Korea will bring major benefits for their economies?