Blockchain Industry stuck in side effects of cryptocurrency
Recently, Korea still remains at standstill level while other countries are busy with securing the blockchain technology, the core of the future industry. Experts have analyzed that there have been difficulties in development, human resources etc. due to the negative views from government side and unclear regulations toward blockchain industry.
In particular, although the government has emphasized the necessity of fostering the blockchain industry, it is becoming more concerned with the lukewarm attitude toward the restraint of regulations preventing industrial development. CEOs who lead the domestic blockchain industry raised their voice that Korean blockchain industry has received considerable interest world widely, but faces difficulties due to laws and regulations that are just like communism.
SeungKi Kim, CEO of Xblocksystems is evaluated as the 1st generation of ‘Fin Tech.’ He has entered the ‘Fin Tech’ industry by launching ‘Payon’ Service, domestic payment service, starting in 2008. In 2015, the service was recognized as a mentoring company by NH NongHyup Fin Tech Support Center.
He recently announced that domestic blockchain industry was not easily secured due to the uncertainty. He also faced various obstacles since law and institutional basis was not equipped properly while pioneering the market.
Kim also said that domestic companies have been reversely discriminated compare to foreign companies. In case of Lack of clear-cut guideline, capital outflow is occurring due to reverse discrimination and transactions through foreign countries.
Various blockchain experts as well as foreign investors have watched over Korean blockchain industry. Eliminating the uncertainty of blockchain industry and establishing clear regulations might lead blockchain industry as a solution to future economic growth with unlimited potential.