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Regulatory Innovations for Blockchain are ‘Question of Survival,’ Says South Korean President

By Warren Hayes | July 27, 2019
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Regulatory Innovations for Blockchain are ‘Question of Survival,’ Says South Korean President

While many might consider blockchain regulations as the government simply being overbearing overseers, South Korean President Moon Jae-In believes otherwise. In fact, he sees regulatory innovation as a means of survival in a world of ever-increasing technological innovations.

In a press release shared with Cointelegraph, the president noted how enacting new legislation and regulations is no longer a matter of choice. This statement comes after recent reports about South Korea’s second-largest city Busan becoming a “regulation-free” zone for blockchain technologies.

“While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields,” President Moon Jae-In said.

The country’s leader also points out that regulations are how South Korea creates a bigger presence on the world stage. Meanwhile, he also recognized how applications with regards to blockchain will contribute to revitalizing of the local economy.

Even so, it would appear that the country will be moving ahead with plans to make Busan the center for efforts to create a blockchain boom. Through the easing of regulatory pressure, South Korea hopes to encourage blockchain innovation in the region.

The distributed ledger technology is being planned to play a role in four key aspects of the economy, namely: the tourism industry, financial industry, logistics and shipping, and public safety. These areas will not be held by one company, however, but will be spread out to four different entities.

BNK Busan Bank has been assigned the field of finance, Hyundai will handle tourism, crypto firm Coinplug will be responsible for public safety, and the BP&Solution startup will handle logistics. It was also reported that Busan itself will create its own cryptocurrency as part of a collaborative effort between local authorities and Busan Bank.

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