#SouthKoreaCryptoPolicy South Korea appoints a blockchain advocate as head of policies

The appointment of Kim Yong Bum as head of policies by President Lee Jae-myung has generated repercussions in South Korea's cryptocurrency community, with industry observers noting the new official's advocacy for digital assets as a possible catalyst for the development of stablecoins.

Kim, former First Vice Minister of Strategy and Finance, brings both traditional economic credentials and blockchain experience to the position, raising expectations that the administration may adopt a more favorable stance towards cryptocurrency innovation as the country works to finalize its regulatory framework on stablecoins.

What has captured the attention of the cryptocurrency community is Kim's career after his time in government. After completing his public service during the Moon Jae-in administration, Kim became CEO of the blockchain think tank Hashid Open Research.

Most notably, he has advocated for the introduction of a stablecoin backed by the won, according to reports from MK.

This background sets Kim apart from typical government appointees. "Although he was a former bureaucrat, he is also said to have knowledge of the real economy," MK reported, noting that "President Lee would also have valued Kim's experience in the private sector".