Moon Jae-In, the president of South Korea, has recently made a striking affirmation. He said that regulatory innovation regarding the blockchain technology is not a matter of choice anymore but a question of survival.
The president compared the current times that we are living into the era of the beginning of the Fourth Industrial Revolution and said that regulatory innovation is basically a necessity now because the old rules simply cannot be used anymore.
To him, the rules were not mandatory before because the revolution was just starting, but now the blockchain technology is a part of our lives, so there is no way around it. The old rules are not enough in order to regulate the changes that are happening.
He also affirmed that now is the time to create real use cases for the blockchain technology, which can be an important step in order to revitalize the economy of the country and prepare for the future.
Moon Jae-In was talking about the blockchain technology during an event in which he also talked about Busan, the second most populous city of the country. The city will be the next regulation-free zone of the country, along with the Jeju Province.
The goal of the initiative is to minimize the regulatory pressure on these zones for a time. This, it is believed, will help innovation in the region and areas such as tourism, finances, public safety and logistics will be benefitted.
This will be an important step before drafting the regulatory innovation cited by the president as it will be needed soon. It is also an interesting way to deal with the need for regulation and innovation at the same time, as the cities will serve as a small sandbox for experiments with the technology while the rest of the country will be more regulated.
In related news, the Busan Bank has recently started a partnership with the city of Busan to create a blockchain technology that will be used to create a new digital currency.