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S. Korea FinMin Sees Need To Cooperate With China In Blockchain Tech

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South Korea's Finance Minister Kim Dong-yeon stressed on the need for his country cooperating with China over the blockchain, the distributed ledger technology underlying the leading cryptocurrency Bitcoin.

The finance minister is visiting China and will hold talks with He Lifeng, the country's National Development and Reform Commission, on Friday, South Korean news agency Yonhap reported.

Kim held talks with the People's Bank of China Governor Zhou Xiaochuan during which they discussed the steps to curb the recent cryptocurrency craze.

China and South Korea, being two of the most active markets for cryptocurrencies, the recent hype surrounding them has caused concern for these governments. Both lead the list of countries who have initiated severe crackdown measures on cryptocurrency mining and speculation.

While China banned cryptocurrency mining and initial coin offerings, South Korea implemented regulations in January that require the use of real name accounts for digital currency trading.

South Korea is also planning to develop its own technology hub in Pangyo, near Seoul, the minister said, according to Yonhap. The country will model its efforts on the Silicon Valley in the U.S., he added.

Pangyo already has a Techno Valley that focuses on information technology and biotech. The planned second phase will host around 1,400 startups, the report said.

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