South Korean Government is Becoming the Best Crypto and Blockchain Region in the World


South Korean Government Is The Biggest Reason For The Region To Become Crypto Friendly

South Korean government is staying ahead of the curve when it comes to endorsing crypto and blockchain technology.

The country has allocated a $100 million fund to develop its capital Seoul as a center of blockchain innovation. Park Won-soon, the third-time governor of Seoul, during his visit to Switzerland’s Zug last week, announced that their government would launch a Blockchain Urban Plan for 2018-2022.

The plan will begin with the construction of two business complexes in Seoul’s western and southeastern districts to accommodate 200 crypto and blockchain companies. The specialized blockchain zone will also feature two training centers that will nurture 730 experts in the field.

Park added that major public services that will adopt blockchain include labor welfare, vehicle history management, certification issuance, donation management, and elections voting. The mayor explained, for instance, the Seoul Metropolitan Government will use the technology to protect part-time workers who don't have labor contracts or are not covered by employment insurance.

The Seoul Metropolitan Government will use this technology to protect part-time workers who don't have labor contracts or are not covered by employment insurance. These workers will be able to register via a blockchain application that will be developed as part of the plan. After that, labor welfare organizations and insurance companies, which participate as running nodes, could share workers' information over a distributed network and decide on insurance schemes,

“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul become the center of a blockchain industry ecosystem,” Park added.

South Korea’s Financial Services Agency, on the other hand, has shown a sophisticated transformation from a concerned financial regulator to a liberal financial regulator. The watchdog started a dedicated Financial Innovation Bureau to supervise and nourish the crypto sector as part of their fourth industrial revolution. The efforts are now apparent with their politicians’ visits to other crypto hubs and dedicating taxpayer money to built similar facilities in Seoul.

Seoul's blockchain effort is also in line with the roadmap announced by South Korea's Ministry of ICT, which said in June it would invest $9 million in the coming years to lead blockchain adoption in six major public services.

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