Jeju Special Self-Governing Province Governor Won Hee-ryong is a visionary and pragmatic politician and administrator. He is several steps ahead of other governors and administrators in realizing the enormous potential of blockchain and cryptocurrency.
He has been campaigning to establish a Crypto Valley in South Korea’s southernmost island. He wants to put Jeju on a league with such global blockchain innovative regions as Jug in the Switzerland and Malta in the Medierrrain.
He hopes global blockchain producers and innovators fly to Jeju where they can create a Crypto Valley, an innovative region for startups.
In a meeting with President Moon Jae-in, he wanted the central government to permit Jeju to become a Crypto Valley. He said the Crypto Valley project would stimulate the Jeju economy, create more jobs and help Korea become a leading country in the blockchain and cryptocurrency industry.
But he could not make the Crypto Valley alone. In a recent National Assembly audit of the provincial government, lawmakers said South Korea, not Jeju alone, should embrace and develop the blockchain and cryptocurrency industry. Other cities like Seoul and Pusan are also vying to create a Crypto Valley in their regions.
They urged the governor to get a consensus from the Jeju residents whether they want the island to become the Crypto Valley.
The next question is whether Governor Won would overcome the looming obstacles and make the island become the Crypto Valley in South Korea.
