By regulating virtual money, it is difficult to expect the development of blockchain technology’
In the meantime, the government has decided not to regulate virtual money but to regulate the side effects of virtual currency trading. Accordingly, it is expected that there will be some concern about whether the block chain technology, which is an underlying technology, will be used if the virtual money is regulated. Market experts also favored regulation of virtual currencies, which had been turned into speculation, and offered alternatives to the management of financial supervisors and banks.
Also, the fostering of the private block chain has become a hot topic. Although the government announced regulations on virtual currency trading, the interpretation of the idea of fostering block-chain technology differs, but the government held a debate on the subject
“Is it possible to separate virtual money from the block chain?” I did not want to regulate virtual money. Kang Young-soo, head of the Financial Services Commission’s virtual currency response team, said, “I fully agree with the point that criminalization of virtual money itself may hinder the development of block-chain technology,” he said. “What the government regulates is not virtual money, “We are going to regulate the side effects that occur in the situation that we are going to invest.”
Regulation of virtual currency countermeasures The government has once again confirmed that the government does not view the virtual currency itself illegally. It is intended to regulate the side effects of transactions so that virtual money can be used as sound as the industry or academia would like.
The block chain and virtual money are inseparable. Block-chain technology is a kind of digital distributed caching technology. Because transaction records are shared by all trading participants, they can be prevented from being tampered with. The problem is that participants are compensated for providing computing power and so on. Virtual currency is used as compensation. The government is not going to regulate virtual money, which is used to implement this block chain technology. However, it is a problem that virtual money is not utilized as a reward but used only as a simple transaction.
Kim Jin-hwa, a co-president of the Korea Block Chain Association who attended the forum, also acknowledged that regulation on virtual currency transactions, which are deteriorating by speculation, is necessary. Kim Jin-hwa said, “We have also stressed that we should regulate quickly because we are worried about being altered by speculation.” He said, “We need to strengthen regulations on exchanges and keep a fuss about virtual money so that we can make virtual currency transactions sound.” .
The regulatory proposal proposed by Mr. Kim is to change the virtual money exchange, which can be opened only by filing a report, to the Financial Supervisory Service (FSS), and to make sure that the assets of the traders possessed by the KSE are deposited in 100% , And a caveat for cryptography. Professor Kim Hyung-jung of the Korea Information Security Graduate School of Information Security also said, “We should focus on protecting the investors so that the government can not deal with virtual currency bans and closures, and citizens can trade virtual currency with confidence. , Security audit, real name system, etc. ”
We need to cultivate the PB chain chain We have been advised that the block chain technology should be focused on the private block chain technology in order to become more real in our life. The private block chain is designed to meet the purpose and characteristics of a private entity such as a corporation. It is used for network maintenance, payment, payment, etc., and is more suitable for distributing and managing data.
Currently, domestic and foreign companies such as IBM, Kakao Fay, Citibank, Samsung SDS and Hyundai Merchant Marine are testing for logistics, payment settlement, security, etc., and are expected to commercialize it by the end of this year. In order to form a block, incentives do not have to be paid differently from the public block chain, in which the virtual currency must be compensated for, such as bit coin and etherium, in exchange for mining. Shim Jae-chul, head of the policy planning department of the Ministry of Justice, stressed, “We must support the private block chain that can store various contents in the block chain and cultivate it.”