“From aspects of mint authorities, we have to be more aware of possibilities and potentials of other payment methods such as cryptocurrency threatening the position of traditional money.” said 2nd Vice Minister Kim Yong-jin of Ministry of Strategy and Finance (MOSF) on the 23rd.
“Cryptocurrency that caused speculation frenzy globally earlier this year is raising a fundamental question regarding mint industries that have been recognized as public sectors.” said Vice Minister Kim at ‘30th MDC (Mint Directors Conference)’ that was held at Seoul Grand Intercontinental Hotel while giving a congratulatory message.
“During a meeting that was held last month for finance ministers from 20 major countries (G2), we became aware that encrypted assets have both advantages and disadvantages such as their potentials to improve efficiency of economies and financial systems and problems regarding protection of investors and tax evasion.” said Vice Minister Kim. “There was a bond of sympathy towards in-depth research being priority.”
“South Korean Government is currently reducing risks of encrypted assets through measures for protection of consumers and transparent trades and it is actively promoting blockchain technology so that it can be a fundamental technology for Industry 4.0.” said Vice Minister Kim. “As a result, cryptocurrency market in South Korea has been relatively stable in recently.”
“Position that only mint industry, which is combined with three elements such as history and cultural arts, special metallic processing technology, and national public confidence, has is an important competitive edge that cannot be easily replaced.” said Vice Minister Kim. “Mint industry needs to utilize changes in outside environments as opportunities to grow based on this competitive edge.”
“We have to thoroughly research and promote technologies related to counterfeit and falsification to improve security and transparency of trades involving money.” said Vice Minister Kim. “We have to continuously grow global mint market’s pie by improving values of consumers through enhancement of mint technologies and high-added values.”
MDC is a conference where representatives from global mint industries gather every 2 years and share various information regarding laws, economies, technologies, and managements related to mint. Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) was able to hold MDC for the second time followed by 2008 and was able to reconfirm South Korea’s competitive edge and position in global mint industry.
“Fact that representatives from global mint organizations gathered in South Korea is meaningful for us to seek future of South Korea’s mint industry.” said President Cho Yong-man of KOMSCO. “Holding MDC will be a great help to improve national brand as well.”
Staff Reporter Yoo, Seonil | ysi@etnews.com & Staff Reporter Yang, Seungmin | sm104y@etnews.com