March 25, 2023

A senior South Korean government official has joined the research arm of blockchain VC Hashed. Kim Yong-bum is a well-known figure in his home country, where he served as South Korea’s deputy economy and finance minister until last year. Since resigning from that position, which included liaising with domestic crypto companies, Yong-beom has opted to enter the crypto space as a consultant. Now, he’s raising the flag for the industry he once helped regulate.

Government ministers expand blockchain

It’s no surprise that South Korean government officials have embraced blockchain technology since stepping down from office. After all, this country is the most tech-friendly country in the world. Not only is Seoul the eSports capital of the world, but South Korea is legendary for its 5G adoption and high-speed internet. All of this provides fertile ground for blockchain and cryptocurrency adoption.

By the way, Kim Yong-beom joined Hashed’s research department not to give tokens to tokens or force the blockchain into things that don’t need it. Instead, he took a long-term view and saw the technology’s potential to power his country’s economy for decades to come. South Korea made inroads in Japan’s electronics manufacturing in the 1990s as companies like Samsung emerged and grew into tech giants.

Many in South Korea believe the same will happen with blockchain adoption, allowing the country to future-proof and ride the next wave of technology. “Since working as a senior economist at the World Bank in the early 2000s, I have been thinking about the possibility of South Korea becoming a global economic powerhouse based on new technologies,” explains Yong-beom. “I heard about South Korea’s competitiveness in the blockchain and digital economy when I met young talents after I left public office early last year.”

One of those sessions was at the Korea Blockchain Week, co-hosted by Hashed, and it is believed that the event paved the way for Yong-beom to take on an advisory role at Hashed Open Research. The group will lead research into the underlying technology itself and the ways in which it can be adopted more widely.

From Seoul to Silicon Valley

While Kim Yong-beom’s Hashed appointment is a big deal for the country’s blockchain space, it could also have a bigger impact.parent company hash There is a presence not only in Seoul but also in Silicon Valley, where founder Simon Kim can often be found. The VC firm has written checks for a string of US blockchain startups and has a large web3 portfolio including The Sandbox, Aptos and Archway.

“South Korea has the potential to become a G2 with the U.S. in the digital space if appropriate regulations are developed and implemented,” predicted Yong-beom. “It is encouraging that the new Korean government has selected the Basic Digital Assets Regulations as a national task, And the institutionalization process is accelerating.” The Hashed Open Research consultant believes his organization can “provide constructive dialogue between blockchain experts and government authorities through public workshops.”

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