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, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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