South Korea's government does not plan to prohibit cryptocurrency trading, it intends to regulate and control it as blockchain is an important technology for its economy.
Kim Dong-Yeon, the Minister of Finance of South Korea had a meeting with the People’s Bank of China’s governor. They talked about a potential partnership between China and South Korea.
During his visit he stated that blockchain technology is an important breakthrough, that is why the ministry will take a cautious approach in regulating the cryptocurrency trading. In order to avoid the negative use of cryptocurrencies, the ministry will impose strict regulations.
According to Mr. Yeon, investing in blockchain technology will bring benefits to the economies of the countries.
Mr. Yeon visited the advanced technology hub, called Zhongguancun, based in Beijing. He also stated that he plans to invest in a blockchain platform developed in Seoul. The “second Techno Valley” will encourage around 1,400 startups to work side by side with the South Korean government.
In his opinion, the future plans seem to be promising for both economies, because both countries are focused on developing their economies through innovation.
This news is great for both investors and users because the result of the collaboration of two powerful countries should be amazing.