Korea Looks to Blockchain for New Digital Currency

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The government of Korea plans to set aside 3 trillion won (USD $2.65 billion) in financial support over the next three years for the development of the Fintech sector, with a focus on developing a new digital currency based on Blockchain technology. 

According to the Korean Herald:

“The government will push for the systematization of digital currency on a full scale in tandem with a global trend in the U.S., Japan and other countries,” Yim Jong-yong, chairman of the Financial Services Commission, said in a speech at the 12th Fintech Center Demo Day event.

He added the government and the local financial industry will launch a consortium on blockchain within this year for joint research and pilot projects.

The FSC described the measures as the “basic direction” of the second-stage fintech development roadmap to be unveiled in the first quarter of 2017.

The government has so far focused on removing unnecessary regulations on the fintech field.

“In the second stage, the government will place a focus on re-designing the existing system to be suitable for the fintech environment,” Yim said.

 

 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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