Former Korean Finance Minister Joins Hashed Open Research to Promote Blockchain

A senior South Korean government official has joined the research of the VC Hashed blockchain. Kim Yong-beom is a well-known figure in his home country, where he held the role of Deputy Minister of the Korean Ministry of Economy and Finance until last year. Since stepping down from the role, which had included liaising with domestic crypto companies, Yong-beom has chosen to enter crypto in an advisory capacity. Now he flies the flag for the industry he once helped to regulate.

The Minister increases Blockchain

It should come as no surprise that a Korean official should support blockchain technology since leaving office; after all, the country is the most technology-friendly nation in the world. Not only is Seoul the esports capital of the world, but Korea’s 5G adoption and high-speed internet are the stuff of legend. All of this provides fertile ground for blockchain and crypto adoption.

Kim Yong-beom is not joining Hashed’s research department to shill tokens or force blockchain into things that don’t require it, by the way. Rather, he looks far ahead, and sees the potential for technology to drive the country’s economy for decades to come. In the 90s, South Korea gained ground on Japan’s electronics manufacturing industry as the likes of Samsung moved onto the scene and grew into a tech giant.

Many in South Korea believe the same could happen with blockchain adoption, enabling the country to future-proof itself and ride the next technology wave. “Since I worked as a senior economist at the World Bank in the early 2000s, I have been thinking about the possibility of Korea becoming a global economic powerhouse based on new technology,” explains Yong-beom. “After I retired from public office early last year, I heard about Korea’s competitiveness in blockchain and the digital economy facing young talent.”

One of these meetings was at Korea Blockchain Week, which Hashed hosted, and it is believed that the event paved the way for Yong-beom to take up his advisory role with Hashed Open Research. The organization will lead research into the underlying technology itself, as well as investigate ways in which it can be more widely adopted.

From Seoul to Silicon Valley

While Kim Yong-beom’s Hashed appointment is a big deal for the country’s blockchain scene, it could also have bigger ramifications. The parent company Hashed has 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 number of US-based blockchain startups and boasts a web3-heavy portfolio that includes The Sandbox, Aptos and Archway.

“Korea could potentially become a G2 with the US in the digital sector if the right rules are billed and applied,” predicts Yong-beom. “It is encouraging that the new Korean government has chosen ‘Regulation for Basic Digital Assets’ as a national task and is accelerating its institutionalization.” The Hashed Open Research advisor believes his organization can “provide a constructive dialogue between blockchain experts and public authorities through public seminars.”