Blockchain, Cryptocurrency, Economy

South Korea’s Blockchain-Tech Needs An Immediate ‘Boost’

A bureaucrat has asked South Korea to “urgently” prioritize the advancement of crypto security technology – declaring that blockchain-powered investment is now an unavoidable fact for the nation and the rest of the world.

Lee Yong-bin, a ruling Democratic Party MP and a part of the National Assembly’s Science, Technology, Information, Broadcasting, and Communication Committee, was addressing at a Blockchain National Government Project event, which was sponsored by the parliament’s Legislative Policy Research Group, and simultaneously hosted by Lee himself.

He shared his opinion that a loss of unique security-related crypto technology could endanger to hold South Korean firms back in their quest to make a name for themselves on the domestic and global stage.

As reported on Break News, Lee stated,

“Blockchain technology and digital assets are the keys 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 specialists at the meeting insisted that more regulation and government funding was required to build up South Korea’s cryptoasset-powered business sector. The business, which has been pleading with Seoul for regulatory clarity, wants more support and legitimization for crypto-powered business.

Another speaker asserted that the need to develop crypto-related infrastructure was now more urgent than ever. A university professor told attendees that migrant workers from nations such as the Philippines and Nepal were increasingly turning to blockchain-powered crypto services to send smaller remittances to their home countries.

The professor added that 25 companies were now offering South Korea-to-overseas crypto remittance services and that users were fascinated by the speed and security of these platforms.

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