fbpx
Wednesday, September 22, 2021
Home News Korea Looks to Blockchain for New Digital Currency

Korea Looks to Blockchain for New Digital Currency

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.

 

 

Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
- Advertisment -

Most Popular

Latest News