South Korean Regulator Concerned Over Blockchain Developer’s Woes

South Korean Blockchain

The South Korean government’s stand on blockchain regulation was castigated by a blockchain researcher, as reported in the local media.

Park Sung-Joon, Blockchain Research Center’s head at Dongguk University, in his address to Lee Geun-woo, South Korean Financial Supervisory Service (FSS) chief, stated using different approaches to cryptocurrency and blockchain was pointless.

He contended those two can not be separated:

“In the digital asset trading market, virtual currency and blockchains cannot be separated because they need the appropriate means of payment.”

Lee Geun-woo answered:

“I sympathize with the words of Park Chan-hee, and I will pass on his suggestions to the financial authorities.”

The desire to level the field for cryptography in higher government levels leaves a room for criticism against the blockchain hype.

Concurrently, government researchers implied blockchain projects are widely ineffective, staying in the market for only 15 months on the average.

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