Rep. Min Byeong-deok of the opposition Democratic Party of Korea said Web 3, the next-generation Internet, is consistent with the principles of democracy.

He made the remark on Nov.1 in a congratulatory speech at the Block Festa 2022 the Block Media hosted in Seoul.

He said he thinks Web3 is in line with the principle of democracy in that everyone creates the digital world together, rather than a specific company or power dominating the Internet.

He pointed out the wrong cases appearing in the virtual asset market in Korea. He added the new market itself is not a problem, but the problem is the views and behaviors of the people participating in the market.

He hopes that the Block Festa will serve as an opportunity to think about how to prepare for the Web 3 era.