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Ex Korea finance minister joins research organization to promote blockchain

South Korea
South Korea

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A top government official in South Korea, Kim Yong-beom, has joined a research organ of blockchain VC Hashed. Yong-beom is a prominent figure in South Korea during his tenure as the Vice Minister of the Korean Ministry of Economy and Finance. A post he held till 2021. 

Since moving away from the ministry, Yong-beom has worked locally with numerous crypto firms. In his latest action, Yong-beom will take up an advisory role in the crypto sector of South Korea. A role that will see him lead innovation for an industry he once oversaw as a regulator. 

Yong-beom shares his opinion about the new role

He explained how he has been courting a move into the crypto space for a while. Kim Yong-beom said, “Since working as a senior economist at the World Bank in early 2000, I have thought about the possibility of Korea ascending as a global economic powerhouse based on new technology.” 

“After stepping down from public office early last year, I heard about Korea’s competitiveness in blockchain and the digital economy when meeting with young talents,” He added.

Furthermore, Yong-beom illuminated a strong hope for the industry. He said Korea has the potential to emerge as a G2 along with the U.S in the virtual industry. He conceded that it could only be possible if the sector is well regulated. Also, he expressed gladness over the new government’s move over regulating digital assets in the country. With his new role, the expert believes there can be a conversation among blockchain professionals and the government through a symposium.

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Recapturing previous success

Meanwhile, South Korea is one of the leading regions with a friendly atmosphere for crypto to strive. The Country has a strong reputation as one of the nations with robust technological advancement. South Korea’s capital city, Seoul, is globally regarded as the capital of esports. 

It’s not surprising that a top government officer is venturing into the crypto sector—South Korea’s rich technological advancement projects crypto positively in the country. The recent embracement of the 5g network by South Korea further strengthens this course.

The erstwhile deputy minister of finance is joining the crypto space to push its enhancement. Yong-beom believes crypto has a solid characteristic for supporting South Korea’s economy for many years. Reports from local media indicate that the country is working to replicate its success in the manufacturing industry with crypto. 

In 1990, South Korea rose to prominence by dominating the electronic manufacturing sector of Japan. The period saw the emergence of South-Korea electronic giant Samsung into the global scene. Citizens and top officials are optimistic that such a feat could reoccur with blockchain embracement. Kim Yong-beom also shares this sentiment as well.

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