Governor Won Heeryong recently suggested that Seoul designate Jeju as a so-called “Blockchain Industrial Zone.” It remains to be seen whether President Moon Jae-in and his administration were convinced of the need for such a move. Mike Laidman has more.
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Won proposes creation of ‘Blockchain Industrial Zone’

Governor Won Heeryong's proposal was made according to the island's local economic circumstances

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Jeju has low average wages, many non-regular employees

of low average wages and a high number of non-regular employees.

He chose the blockchain industry as a possible breakthrough to remedy the situation.

Recording
Won Heeryong / Governor
We have advanced technology in the blockchain field and shouldn’t let Switzerland or Singapore move on without us. We should use our island’s space and systems to minimize risks.
< 원희룡 / 제주특별자치도지사 >
우리가 이미 세계를 주도할 수 있는 기술을 갖고 있는 이 분야에서 스위스나 싱가포르 같은 다른 경제에 도움이 되는 양상을 방치하는 게 너무 안타깝고 제주도 같은 공간과 제도를 활용해서 위험은 최소화하고.

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‘Perfect area to test standards, restrictions’

Jeju is somewhat geographically isolated and, designated as a free international city and special self-governing province, it is the best place within Korea to test standards and restrictions regarding the blockchain.

INTERVIEW
Won Heeryong / Governor
If we suggest standards and regulations for the blockchain industry and guarantee its free operation, Jeju will become a blockchain hub and mediate the growth of the industry nationwide.
< 원희룡 / 제주특별자치도지사 >
암호화폐에 대한 기준과 규제를 제시하고 시장 주체들의 건전한 기업활동을 보장한다면 제주가 글로벌 블록체인의 허브도시로 서고 대한민국 전체에 블록체인이 확산되는 중요한 매개 고리 역할을 할 수 있다고 생각합니다.


Won's proposal is in line with suggestions of an organization called the Blockchain Center, which would create a “Blockchain Industrial Zone” in Jeju, aiming to prevent the drain of national wealth and technology, allow the foundation of corporate bodies that issue cryptocurrencies, and create more jobs.


Recording
Gang Sae-won / Representative, Blocktech Inc.
If Jeju adopts Malta’s system and laws, international cryptocurrency exchange markets and tech firms will be drawn here.
< 강세원 / (주)블록테크 대표 >
제주가 말타에 버금가는 제도와 법안을 마련한다면 세계적인 거래소와 블록체인 기술기업들을 유치하고 산업을 활성화할 수 있다고 믿습니다.

[Reporter] Mike Laidman
[Camera] Kim Seung-cheol

At the meeting, held by the president, Jeju painted a rosy picture of this possibly lucrative, yet newborn blockchain industry. However, Seoul, which for all intents and purposes has banned cryptocurrencies, has yet to respond to Jeju’s proposal.

Mike Laidman, KCTV