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.

 

 

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.