The South Korean Financial Services Commission (FSC) has aired plans to encourage the use of blockchain technology in new payment systems in order to better protect user information.
According to Korea JoongAng Daily, the FSC will introduce new regulations to open the doors for banks and insurance companies to protect customer data and simplify verification processes with blockchain solutions.
FSC Chairman Choi Jong-ku told reporters this new blockchain-friendly approach to its fintech policies could give the local jobs market a boost, saying:
As part of its fintech roadmap, the FSC will also allow more small and medium-sized companies to access more customer data through digital payment systems. Regulators hope this move will inspire new products and services in the burgeoning fintech sector.
The government also plans to approve a more accessible payment system called "app-to-app," which lets users make purchases from sellers via apps, avoiding paying fees to credit card companies or card network providers. Banks will still take fees, however.
image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.