The Presidential Committee on the Fourth Industrial Commission has invited three experts on blockchain and cryptocurrencies.
Out of the 19-member blue-ribbon panel, Pyo Chul-min, CEO of Chain Partners, Korea’s first blockchain company builder. It identifies, develops and invests in blockchain companies Chain Partners creates projects in blockchain technology, consumer products, cryptography, exchanges, payments, media, and education.
Professor Kim Seung-joo of the Graduate School of Cyber Security also got invited together with law professor of Chungnam National University Lee Sang-yong.
Their representation in the committee would stimulate debates on what the government should do in fostering and regulating blockchain and cryptocurrencies.
President Moon Jae-in launched the panel two years ago so that the committee could suggest policies and ideas to the government.
So far, the South Korean government has adhered to the policy of separating blockchain from cryptocurrencies. It banned initial coin offerings out of fear that it fans casino-like gambling.
But the blockchain and cryptocurrency companies have claimed that blockchain is inseparable from cryptocurrencies. They also advocated the government should permit ICO to finance blockchain technologies.
Chain Partners’ Pyo said he would propose gradualism in blockchain and electronic currency policies, adding that radical and sudden change would bring about unintended negative effects.
Korea University professor Kim said blockchain and cryptocurrency are inseparable. He said he would try to arrange an open debate on the future of the blockchain and cryptocurrency.
Professor Lee has long advocated the legislation to ensure that the government could regulate blockchain and cryptocurrency.
