South Korean Finance Minister Says Blockchain Can ‘Change The World’

South Korean Finance Minister Says Blockchain Can ‘Change The World’

After confirming that South Korea has no intentions to ban cyber money trading, the state’s finance minister Kim Dong-yeon came up with another crypto-friendly claim. This time, he said that blockchain technology is very perspective as it can make a difference in the world.

South Korea Urged China to Embrace Blockchain

While recently visiting China on a ministerial trip, Yeon participated in a conversation with the head of The People’s Bank of China concerning common economic paths. At that time, South Korean minister emphasized the significance of blockchain. Moreover, he invoked China to take part in research and enhancement of blockchain on par with them.

Notably, the two-day Beijing visit ended up with signing a document between China and South Korea on collaboration in the economic sphere. However, it remains unknown, how bitcoin-unfriendly China reacted to the calling regarding blockchain technology.

According to South Korean media outlet Chosun, Yeon stated at one of the meetings:

“Blockchain technology has the potential to become one of the core infrastructures of the fourth industrial revolution. The development of blockchain technology can really change the world.”

In the meantime, Korean news agency Yonhap reported Yeon urging China to interact with South Korea concerning blockchain. He said that, according to the publication, when attending a tech hub in China’s capital before meeting the head of China’s central bank.

Remarkably, Korean minister added that crypto-coins are crucial for open blockchain nets, despite the fact that lots of skeptics try to detach two of them. Yeon stated that a public blockchain could not survive without miners, and they are the ones who need to get a reward for what they are doing. That is why cryptos are so essential – miners receive as rewards for their performance when creating a block.

The Change of Course

Some weeks ago, the crypto market experienced a flurry. It was stirred up by the South Korean justice minister, who announced the plan to create a bill, tabooing cyber money trading. Even though this idea was not supported the presidential Blue House, whose representatives said the decision on the ban was not finalized, it still affected the prices on the crypto market.

Nevertheless, Yeon was the one who set the record straight. So he his new comments concerning blockchain came just a few days after that.

As it is known, since December, the South Korean government has been trying to ramp up scrutiny over crypto trading. For example, since January 30, banks are not allowed to register anonymous accounts for taking part in cyber money trading.