“Blockchain technical school would change the world,” says Kim Dong-yeon, South Korea’s government minister. He has emphasized the significance of blockchain technology while he was in talks with the chief of China’s central bank in context to having cooperative economic policies. In fact, he has further stressed upon having a joint effort of both the countries to work together in research and development of blockchain technology.

In one of the recent quotes submitted by Korean publication Chosun, Kim spoke at a summit in Beijing: “Blockchain technology has the perspective to convert one in all the key substructures of the fourth technical revolution, and consequently the expansion of blockchain technology will adjust the world.” It is high time that South Korea to build cooperative dealings with China about the blockchain technology, Kim apparently mentioned while visiting a technology center in Beijing.

While demonstrating his expertise in Blockchain technology, Yeon added that cryptocurrencies are entirely essential for public blockchain networks, conflicting to calls to separate the two. In fact, his comment of mining with cryptocurrencies as a reward for an individual who is creating a block for opens blockchains is now considered an official remark and had cleared the government’s stance on cryptocurrencies.

Moreover, just a few days back, Kim underlined a significance to control cryptocurrency exchanges in the country and added that the intentions are evident and there won’t be any ban on the cryptocurrency (market). Today, Blockchain technology is a necessary technology, and the Korean government is looking forward to developing it.

Blockchain technology is a significant technological innovation, and moreover, the government will take a deliberate tactic in regulating the cryptocurrency market. For negative usage cases of cryptocurrencies, the organization will impose severe regulations. Yeon’s optimistic comments around Blockchain plus cryptocurrencies had come after a period of harsh limits on crypto capitalizing and exchange in South Korea, by the country’s ban on nameless exchange of cryptocurrencies as well as a false scare of a general crypto ban creating the marketplaces dip.

New rules instructing the end of nameless cryptocurrency trading accounts have begun, and now many Korean banks had started to come forward in support of cryptocurrency exchanges with KYC-enabled accounts mentioning the real-names of traders from January 30.