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Korea still has the potential to lead the blockchain: experts

[THE INVESTOR] Despite the radical value of digital currencies in recent months, the cryptographic and blockchain industries still have potential for growth and, according to Chain Plus experts, a two-day conference to be held in Seoul deserves attention.

"The blockchain and crypto industries have faced challenges due to strict regulations, but there is still room for growth," said Charles Pyo, a member of the Presidential Committee on the Fourth Industrial Revolution, in a panel discussion on January 23rd.

"There is little chance that Korea will become a leader in fields such as artificial intelligence and autonomous cars, but it has some chance of becoming a powerful crypt," he said, citing the volume of digital currencies traded in the winnings. percent, the fifth largest global cryptographic transaction.

The crypto-fever, which lasted from the end of 2017 to the beginning of 2018, quickly cooled down after the value of the major digital currencies fell due to the stricter rules. The government has banned the initial offer of currencies since 2017, considered a major obstacle for the nascent startups, which have difficulty receiving investments through traditional methods of fundraising.

Some have pointed out, however, that while Korea has strict rules for ICOs, there are not too many rules for the blockchain technology itself.

"While there are some rules for ICOs, when it comes to blockchain, there are no regulations, rather a lack of plans to promote technology," said Jhun Ha-jin, chairman of the Korea Blockchain Association's self-regulation committee.

Jhun and other conference experts said it was time to seriously cultivate emerging cryptography and blockchain technologies, releasing some regulations and supporting promising start-ups.

The conference was attended by government officials and experts from countries such as Malta, Estonia and Singapore, known as crypto-ciens, who shared the way they promote cryptocurrencies and blockchain.

Chia Hock Lai, president of the Fintech association in Singapore, said that the local government allows companies to proceed with ICOs as long as they comply with the rules. As a result, there are many companies that target different segments, including healthcare, services and energy.

Some speakers hailed the recent deregulation move by the Korean government, allowing emerging technologies to be tested and marketed under certain conditions before relevant laws are established. Seoul Mayor Park Won-soon is among the politicians who promised to promote blockchain.

"We will develop a blockchain-based Seoul city card, which simplifies the various administrative services," he said.

"This year will see the growth of the blockchain industry, Seoul will drive innovative changes in administrative services and will try to become a stimulus for the development of the sector".

By Park Ga-young and Kim Young-won (gypark@heraldcorp.com) (wone0102@heraldcorp.com)

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