Hong Nam-ki, chief of the Prime Minister’s Office for policy coordination, has been named as the nation’s top economic minister Friday.

His negative comments on cryptocurrency have alerted exchange operators. Before he was named the top prime minister, he had outlined three points on blockchain and cryptocurrency.

Firstly, the government should foster blockchain technology. Secondly, there is no global standard and rules on cryptocurrencies. Thirdly, the South Korean government will strictly monitor and supervise the cryptocurrency exchanges.

When investment in cryptocurrency reaches highs early this year, he warned that the government would adopt a stringent policy to stop what he called abnormal speculative investment in the cryptocurrencies. He left open the possibility of shutting down the cryptocurrency exchanges.

A Korea Blockchain Association director said, “We may need one more year to help Hong and his deputies learn the true meaning and importance of the blockchain and cryptocurrencies.”

However, Park Sung-joon, head of the Blockchain Research Center at Seoul’s Dongguk University discounted Hong’s past statements. He said President Moon Jae-in, not the economic minister,  would likely to set the tone for the blockchain and cryptocurrency development.