South Korean Province Gyeongbuk Opens New Blockchain Special Committee

The government of Gyeongbuk, a province in South Korea, has launched a “Blockchain Special Committee” which will have the mission of creating a new blockchain hub in the region, local media outlets reported.

The province, which is known as North Gyeongsang Province, plans to create a blockchain hub by inviting 40 domestic and foreign experts in the industry to consult in the upcoming project. Lee Cheoul-uoo, a former member of the National Assembly of South Korea, which is the current governor of the Gyeongbuk province, has affirmed that he expects to attract new investments for the region.

According to his official statement to the media, the best way to nurture the blockchain industry is to use the special committee to create a hub that will preemptively respond and create strategies that will lead for the hub’s growth.

This is not the first venture into the blockchain field for the province. This summer, its governor has announced plans to issue a local crypto dubbed Gyeonbuk Coin, which will be accepted by many merchants in the region.

The development of the blockchain industry is growing in South Korea as a whole. The country’s federal government has increased the federal budget for developing the blockchain technology in 2019 and there are plans to push the industry forward in the country.