South Korea President: Blockchain Regulatory Innovation Is Not A Choice Anymore, It Is Survival

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Stocks & Gold Getting Hammered But Bitcoin Fundamentals Do Not Support A BTC Crash to $7k

In another red day of the week, Bitcoin dropped to about $10,150 level. Just like the weak price performance, with BTC currently trading around...

People's Bank of China (PBoC) Testing Digital Yuan (DCEP) for Credit Card Payments

China has been aggressively developing its central bank-issued digital currency (CBDC), popularly known as digital yuan. As per the latest reports, the People's Bank...

Indian Crypto Exchange, Pluto, Pulls An Exit Scam on Investors; Making Off With $270K

A Delhi-based crypto exchange, Pluto, has allegedly exit scammed and stolen about $270,000 worth from 43 investors. The local reports suggested that the Economic...

Bitcoin Mining Legalized in Venezuela But Being Centralized with National Digital Mining Pool

Venezuela has fully legalized bitcoin mining. According to a recent decree from the National Superintendency of Crypto Assets and Related Activities (SUNACRIP), the use,...

China Blacklists Crypto OTC Trading Desks With A Five-Year Banking Ban As Punishment For Illegal Acts

PBoC blacklists crypto OTC traders in its latest efforts to crack down on money laundering. This has caused several OTC trading desks to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today