South Korean Finance Minister: We Do not Forbid Cryptocoins, We Need to Collaborate with China in Blockchain Technologies

South Korean Finance Minister: We Do not Forbid Cryptocoins, We Need to Collaborate with China in Blockchain Technologies

During a trip to China for economic talks, South Korea’s finance minister Kim Dong-Yeon spoke about the potential blockchain, saying that “Blockchain technology can destroy current systems and revolutionize the world,” according to Yonhap News agency.

During a meeting with Zhou Xiaochuan, the governor of the People’s Bank of China, Yeon also talked about the need for a better cooperation with China in Blockchain technology.

According to another Korean news site, Chosun, Yeon reiterated that the South Korean Ministry of Finance does not intend to ban or restrict cryptocoins in the country, adding:

Blockchain technology is an important technological breakthrough, the fuel for the fourth industrial revolution, and as such the ministry will adopt a prudent approach to regulating the cryptomonas market. For crippled cases, the ministry will impose strict rules.

While some have argued that cryptocoins are not needed to take advantage of Blockchain technology, Yeon sees the two things as inseparable:

For open-source blockchains, cryptocoins are needed as incentives for people to join the network.”

Yeon’s positive comments on blockchain and cryptocoins come after a period of tougher restrictions on crypto investment and South Korean exchanges following the ban on anonymous trading of cryptocoins and removes the idea of ​​a general ban on cryptos that made that the markets fall.

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