South Korean

South Korean MP Calls on Seoul to ‘Urgently’ Boost Crypto Innovation

A politician called on South Korea to “urgently” prioritise the development of crypto security technology. Stating that for the country, and the rest of the world, blockchain-powered finance is now an inevitable reality.

At a Blockchain National Government Project event, sponsored by the Legislative Policy Research Group of the Parliament. And jointly hosted by Lee himself, Lee Yong-bin, a ruling Democratic Party MP. And a member of the Science , Technology, Information, Broadcasting and Communication Committee of the National Assembly, was speaking.

He believed that a lack of unique security-related crypto technology could threaten to keep South Korean companies back on the domestic and global stage in their quest to make a name for themselves.

Per Break News, claimed Lee,

“Blockchain technology and digital assets are the key to bringing innovative change about in the global economy, this nation. And society as a whole in the financial industry’s digital age. These technologies have an unlimited potential to develop the [national] economy and create a large number of jobs.”

Policymakers and experts at the meeting claimed that there was a need for more regulation. And government funding to build up the cryptoasset-powered business sector in South Korea. The industry, which has been pleading for regulatory clarity with Seoul, wants more crypto-powered business support and legitimization.

Another speaker at the event said the need for crypto-related infrastructure development was now more urgent than ever. A university professor told attendees that migrant workers from countries such as the Philippines. And Nepal were increasingly turning to crypto services powered by blockchain to send their home countries smaller remittances.

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