South Korea has once again confirmed the importance of cryptocurrency

Kim Dong-yong, the Minister of Finance of South Korea, made an official statement that he considers it impossible for public blockchain networks to operate without cryptocurrency. Let us recall that before this, the South Korean government announced that it would not prohibit cryptocurrency trading, both in the short and long term. Don Yong also noted that the Ministry of Finance is not going to engage in bans on the digital currency itself or limit its use.

Previously, some South Korean officials said that blockchain technology is interesting in itself, without being tied to cryptocurrencies, and digital currencies such as Bitcoin and Ethereum are not at all necessary. 

Yu Shimin, a former government official, called Bitcoin an element of the gambling speculation system. His opinion began to be challenged by KAIST Institute professor Chan Chosun, who called cryptocurrencies incentive systems for working with blockchain networks. 

Shimin’s point of view was supported by the Minister of Finance, at the same time clarifying that cryptocurrency is necessary specifically for the operation of public blockchain networks. It is public networks that need mining in order to stimulate participants and generate blocks.

Such statements give every right to confirm the opinion that South Korea simply cannot live without cryptocurrency. It affects too many national aspects.

Therefore, the country’s representation reacts very painfully to all negative events.

So, last Monday, Kim Pyong Ki, a member of the parliamentary committee, said that hackers from North Korea are stealing cryptocurrency from exchanges and private investors in South Korea.

The official noted that over the past year, the North Koreans have stolen billions of won in cryptocurrency from their neighbors and continue to do so to this day. That is why representatives of the South Korean intelligence services are planning to take serious measures to solve this problem.

Kim Pyong Ki said that North Korea was launching a viral email campaign that could hack cryptocurrency exchanges (which ones specifically, he did not specify), open access to confidential user data and steal crypto assets worth billions of won.