Park Young-sun, minister of the SMEs and Startups, Friday said the government would institutionalize blockchain business.

In a dinner for the 2019 Blockfesta VIPs, she said her ministry would stand in the forefront of promoting blockchain business.

She said the government would set policies to foster the blockchain industry. However, she said the government should take care to ensure that cryptocurrencies would become tools for speculation.

How to foster blockchain without fanning speculation of cryptocurrencies is the government’s policy direction, she said.

The world seems to move from the excited and blind push to the cool mood on blockchain and cryptocurrencies, she said. In keeping with this global trend, the ministry would seek ways of institutionalizing the blockchain industry, she added.

She predicted South Korea would see the vitalization of the blockchain industry following the government’s designation of the southeastern port city of Busan as the special blockchain zone.

She said her ministry would allocate extra budget next year to fostering the new emerging technologies.