South Korea’s Government plans $ 18 million Blockchain Investment

south korea blockchain
South Korea will invest more in blockchain technology

In 2018, South Korea made several successful Blockchain investments. The country s allegedly planning a substantial increase in its expenditures for projects designed to explore the use of Blockchain technology in various sectors of the economy.

A growing number of countries in Asia are adopting a positive stance on Bitcoin and cryptocurrencies. Many coins have been created in China, Japan or other Asian countries. Furthermore, major Exchanges such as Binance or OKEx were created in the region.

The government of South Korea wants to actively participate in the further development of Blockchain technology. In order to secure themselves a top spot, the government wants to invest about $ 18 million in new projects next year. according to state media. That’s 80% more than in 2018.

Strategic Blockchain Investment

The Ministry of Science will invest in about a dozen of their own projects, as well as in start-ups. Some of the projects are in the logistics sector. The South Korean government wants to promote the countries’ shipping industry which is suffering from a deep crisis.

That is why the Ministry of Oceans and Fisheries is involved, according to the reports. In addition, South Korea plans to use the technology to consolidate and expand its leadership role as a member of the Top 10 exporting nations.

Blockchain legislation remains the same

However, and besides these investments, the legislation for Ethereum, Litecoin, and other cryptos will not change. The ban on all ICO’s in the country is still intact. 

But there is good news too. Samsung SDS, a subsidiary of the Samsung group, has been cooperating with the government for a long time, including in the field of Blockchain technology.

And Coinone Transfer, a subsidiary of South Korean crypto exchange Coinone, launched the first mobile payment app based on blockchain technology using Ripple’s xCurrent software.

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