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South Korean politician encourages crypto innovation

Photo of: Joseph Stone
by Joseph Stone

Lee Yong-bin, a member of the ruling Democratic Party in South Korea, called on South Korea to make the development of crypto-security a priority, saying that blockchain finance was now an inevitable reality for the country, and the rest of the world.

The politician, who is also a member of the National Assembly’s Committee on Science, Technology, Information, Broadcasting and Communication, was speaking at a blockchain event organized by the government.

He said the lack of a unique crypto technology related to security could hinder South Korean companies in their quest to make a name for themselves on the national and global stage.

“Blockchain technology and digital assets are the key to innovation in the global economy, in this nation and in society as a whole. We are in the digital age of the financial sector. These technologies have unlimited potential to develop the [national] economy and create a large number of jobs.”

Policymakers and experts at the meeting said more government regulation and funding are needed to develop South Korea’s crypto business sector. The industry, which has been advocating Seoul for regulatory clarity, wants more support and legitimization for cryptos companies.

Another speaker said the need to develop a crypto infrastructure was more pressing than ever. A university professor told participants that migrant workers from countries such as the Philippines and Nepal were increasingly turning to crypto services to send small amounts to their home countries.

The professor added that 25 companies were already offering crypto remittance services from South Korea to other countries, and that users were impressed by the speed and security of these platforms.

As a reminder, China is leading the race on building a state-backed cryptocurrency and other countries in the area are starting to realize that they should be catching up. Earlier this month, Japanese observers argued that China had up to six years advance on the rest of the pack when it comes to adapting to the new world of finance.