The Block Festa 2019 closed its second annual event at the National Assembly Library building this week.
More than 300 government officials, business executives, scholars, researchers, lawyers, and blockchain developers pooled their wisdom to propel Korea into the world’s leading blockchain power.
Under the theme of Blockchain in Government, the participants discussed a long-term roadmap for developing the blockchain industry through a government-private sector alliance.
The participants shared a view that Korea has a great potential to become a global blockchain powerhouse. The private-sector participants vowed to create a blockchain ecosystem.
In the event, the Ministry of Science and ICT unveiled plans to introduce a mobile driver’s license system. People will no longer need to carry the physical license, and instead, they could carry the digital license on their mobile phones.
The Busan City participants said the southeastern port city would stand in the vanguard for becoming the nation’s blockchain hub. The city indicated the cryptocurrency exchanges could do business in the city after reporting their business to the regulator.
The participants, including foreign experts, said the private sector, including the cryptocurrency exchanges, should introduce self-regulatory mechanisms before the National Assembly introduces the cryptocurrency bills.
In the panel discussion, Song Young-do, an official of the Financial Supervisory Service, denied the allegation that the government had asked banks not to open real-name accounts with cryptocurrency exchanges and investors.
He said banks voluntarily stopped opening accounts with cryptocurrency exchanges and investors out of their concern over the use of cryptocurrencies for laundering money.
He said once the National Assembly passes the so-called Special Finance Bill, the cryptocurrency exchanges would be obligated to introduce a mechanism against money laundering.
Currently, it is the banks, not the cryptocurrency exchanges, that must prevent money laundering, he added.
The Block Media has hosted the Block Festiva 2019.
