Emphasizing the importance of regulation! Moon Jae-in: Blockchain technology relates to issues of our survival

South Korean President Moon Jae-in stated that he believes blockchain regulation and innovation technology are no longer just a simple choice, but have become a matter of survival.

The South Korean President emphasized the importance of new regulatory approaches, with this new technology being studied based on Busan's role as a regulatory-free zone for blockchain. He compared the industrial era with the ongoing Fourth Industrial Revolution, claiming that the latter requires regulatory innovation as a fundamental necessity. He mentioned:

While regulatory innovation in the industrial era was a matter of choice, we are now experiencing the Fourth Industrial Revolution, characterized by the convergence across industries and fields, with blockchain playing a significant role, even posing a survival question for you and me.

According to a report, the President stated that, with real examples, blockchain can protect personal data, helping South Korea become a more advanced international region, and blockchain applications in finance will greatly promote the country's economic revival. South Korea has also set up four regions to develop DLT decentralized ledger-related technology applications.

Following Seoul, the second-largest city, Busan, was selected as South Korea's blockchain regulation-free zone along with its competitor, Jeju Province, in April 2019. As part of the plan, the South Korean government plans to minimize regulatory pressures in the industry and foster technological innovation in the country.

The project envisions implementing different blockchain applications in four areas: tourism, finance, logistics, and public safety, each with an independently responsible company.

BNK Busan Bank, a subsidiary of the local holding company BNK Financial Group, will be responsible for blockchain applications in finance, while Hyundai Pay will develop a blockchain-based tourism system. On the other hand, Coinplug will focus on a blockchain-driven public safety platform, and tech startup BP&Solution will develop the logistics platform.

According to a local source report, Busan Bank has also partnered with the Busan city authorities to develop an internal blockchain-based digital token project.

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