Cryptocurrencies are Necessary for Blockchain to Operate: South Korea Finance Minister

Kim Dong-yeon, the Finance Minister of South Korea, firmly stated that cryptocurrencies as incentive systems are necessary for public blockchain networks to operate.

“Blockchain technology can disrupt and revolutionize the world. But, for open-source Blockchain networks, cryptocurrencies are necessary as incentives for individuals to participate in the network.”

Yeon’s statement was released this week, following the official decision of the government to not ban cryptocurrency trading both in the short and long-term. During a government hearing held on February 1, Yeon further emphasized his stance on cryptocurrencies, when he stated that the South Korean Finance Ministry has no intentions to eliminate cryptocurrencies or strictly restrict them to the point in which cryptocurrencies can no longer be used in the local market.

“The Finance Ministry has no plans or intentions to eliminate or prohibit cryptocurrencies. 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.”  Source