South Korea’s Finance Minister Kim Dong-yeon seems to have softened on the whole digital currency space. In China, where he was visiting for economic talks, Dong-yeon said that “Blockchain technology can disrupt and revolutionize the world,” according to the South Korean-based Yonhap News Agency.
Last month, the South Korean government appeared very skeptical about crypto trading, seriously considering banning it. The news was over-reported by the media, causing bitcoin and altcoin prices to come tumbling down. Even now, a major cryptocurrency sell-off has ensued over uncertainty in regulations of many governments.
According to another Korean news site Chosun, Yeon declared that the South Korea has no plans to ban or restrict cryptocurrencies within the country, adding:
“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.”