S. Korean finance minister in China to discuss cryptocurrencies: Yonhap

By Lim Chang-won Posted : February 2, 2018, 18:07 Updated : February 13, 2018, 16:03

Finance Minister Kim Dong-yeon [Photo by Namkung Jinwoong = timeid@ajunews.com]

SEOUL, Feb. 02 (Aju News) -- Finance Minister Kim Dong-yeon held talks with China's central bank governor Zhou Xiaochuan on Friday, during which they discussed measures against the ongoing cryptocurrency hype, according to an official source.

Kim and Zhou, the head of China's People's Bank of China (PBOC), also reached a consensus that protectionist moves by U.S. President Donald Trump and rate hikes in advanced economies would pose risks to emerging markets. The meeting between Kim and Zhou came as the price of bitcoin plunged below 9,000 US dollars for the first time since last November.

Over the past two months, South Korea took a slew of measures to curb speculative investment into virtual coins. China has shut down local cryptocurrency exchanges. South Korean and North Korean athletes are scheduled to enter the Pyeongchang Olympic Stadium side by side under a common flag, a display aimed at easing tensions on the Korean Peninsula.

Zhou said the unified team for the PyeongChang Olympics is very meaningful, expressing his hope for peace and stability on the Korean Peninsula, according to the finance ministry. Earlier in the day, Kim visited Zhongguancun, a technology hub in Beijing, and stressed the need for cooperation with China over blockchain technology.

While checking out technology innovations at Zhongguancun, the minister also introduced South Korea's efforts to emulate Silicon Valley style and innovation by expanding its own technology hub in Pangyo, near Seoul.

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