The presidential blue-ribbon committee Friday advised the government to foster the blockchain industry and to put cryptocurrency business into the market.

The Fourth Industrial Revolution Committee said the government should use the regulatory ‘sandbox’ to give regulatory exemptions to blockchain and cryptocurrency businesses.

It proposed that the government be active in fostering blockchain specialists.

The panel said artificial intelligence, blockchain, and cybersecurity should be a foundation for innovating the social system.

Through smart trials and errors, Korea can propel the economy to the Fourth Industrial Revolution system. The government can use blockchain, AI, and cybersecurity for creating jobs, fostering talented workforce, and data specialists.

It noted that South Korea has yet to define the concept of cryptocurrency. It also said the government should pull cryptocurrency business into the market. The regulatory sandbox must be used to foster blockchain, blockchain specialists, and blockchain companies.

The committee said Korea falls behind the other countries as the government was too preoccupied with crime financing and damage to consumers. It said cryptocurrency is the global trend.

Without a regulatory and legal framework for cryptocurrencies, South Korea’s blockchain industry faces an uphill battle.

The government should give legal status to cryptocurrencies,

It also advised the government to set tax and accounting rules for cryptocurrencies.