The President of South Korea, Moon Jae-In, stated that regulatory innovation regarding blockchain technology is now a question of survival.

On July 24th, Moon held a meeting with city and provincial governors in Busan under the theme of "The Special Zone for Regulatory Freedom, the Center for Regional-led Innovation Growth."

Moon stressed the importance of the development of new regulatory approaches towards new technologies such as blockchain in the light of the selection of Busan city as a regulation-free zone, at the discussion in Busan under the theme of "The Regulatory Freedom Special Zone, Regional-led Innovation."

Moon compared the era of industrialization to the ongoing fourth industrial revolution, claiming that the latter requires regulatory innovation as an essential must. He said, "While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields."

The president also said that creating real use cases for blockchain to protect personal data contribute to a more significant international presence for South Korea, while blockchain applications in finance will significantly contribute to the revitalization of the local economy.

The zones designated as special zones for regulation freedom, along with Busan Blockchain, were held in Gangwon Province, Daegu Smartwellness, JeonNam Province e-mobility, ChungBuk Province smart safety, Gyeongbuk province's battery cycling, and Sejong's self-driving, where city and provincial governors explained and demonstrated critical cases of technologies in the area.

Recently, local sources reported that Busan Bank entered a partnership with Busan city authorities to develop an internal blockchain-based digital currency project.

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