[Column] “Protocol Economy” and Cryptocurrency Policy
The beginning of the new year was accompanied by the good news about the need for cryptocurrency in the “Protocol Economy” by Park Young-sun, Minister of SMEs and Startups. This is good news to me, as the CEO of AndUs Chain, who strives to realize a blockchain-based service that the public can experience.
As a blockchain expert who advocates innovation from a cyber economy world to a “encryption economy” or a “token ecosystem,” the question about the difference between a “protocol economy” and a “encryption economy” made me looked into what protocol economy is.
I don’t know the specific definition or meaning of the “protocol economy” yet, but the conceptual explanation of the “protocol economy” seems to be pursuing the same economic system as the “encryption economy” or “token ecosystem” concept that blockchain experts have argued. And if my understanding of the “protocol economy” concept is correct, Minister Park Young-sun understands the trend of the times correctly, and the “protocol economy” revitalization policy seems very desirable.
The Ministry of SMEs and Startups is expected to pursue various policies to revitalize the “protocol economy” this year, but it is also true that there are many expectations and concerns about the “protocol economy.” Perhaps the key to concern is the reality of the “protocol economy.” Various controversies are expected to be raised, including the consensus of participants and the maturity and safety of blockchain technology.
We should learn from the past when the government promoted the internet promotion policy in the 1980s. There were many concerns and controversies when the internet promotion policy was pursued, but Korea is now the world’s best IT infrastructure powerhouse through the strong Internet promotion policy.
Here is a sad reality that should not be overlooked. The reason why it is not called an IT powerhouse but an IT infrastructure powerhouse is because of regulations on domestic policies, laws, and systems. Despite the world’s best IT infrastructure and smartphone penetration rate, how many of the world’s top related industries are there from the perspective of the IT-related industrial ecosystem?
Acknowledging the need for cryptocurrency is significant to the blockchain industry as it is still agonizing over cryptocurrency policies due to adverse functions and side effects of cryptocurrency.
However, despite the fact that cryptocurrency is needed to revitalize the “protocol economy,” there is no movement on the change in the policy of banning cryptocurrency altogether. Until now, the government has separated blockchain from cryptocurrency, fostered blockchain technology, and banned cryptocurrency. Blockchain technology is infrastructure technology and is the second Internet. Although fostering blockchain technology is aimed at revitalizing related industrial ecosystems, it prohibits cryptocurrency, which is a key technology in revitalizing blockchain-related ecosystems.
Even if there are many real problems, I think that revitalizing the “protocol economy” is a trend of the times, the “future of Korea” and the “hope of young people.” Starting with the implementation of policies to revitalize the “protocol economy,” we hope for the change in our crypto policy in Korea.
The aspect of fostering Internet-related industries that we regret in the Internet promotion policy is currently being reproduced in crypto industry. While fostering blockchain (the second Internet) much, it is regrettable in fostering related industrial ecosystems.
We need to change the domestic cryptocurrency policy as soon as possible. Since the need for cryptocurrency has been recognized in the “protocol economy,” the policy of banning cryptocurrency should be reconsidered to revitalize the “protocol economy.”
Once again, I hope the results will be reflected in the Korean version of the New Deal, which the government is strongly pushing for. This refers to a policy that combines ‘data and AI economy’ and ‘protocol economy.’
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