South Korea has had a volatile year when it comes to cryptocurrency and blockchain investing.
From the country’s desire to create their own crypto city, to the hacks on the crypto exchanges, things were volatile to say the least. 2018 also saw South Korean crypto exchanges officially recognized as financial institutions. To top things off, Jeju Island had its own ambitions of becoming a crypto hub. The year isn’t over yet, but 2019 promises even more development.
The South Korean Government is set on doubling their efforts to test blockchain technology. The public sector will be the main focus of blockchain investing, with increased funding and more projects for 2019.
Blockchain inovations in 2019 can go even further
The government also has plans to boost the blockchain pilot budget. The plans involve doubling the $9 million fund which was projected to be used for 2019. Earlier this year, the Ministry of ICT revealed a development plan. The plan saw multiple ministries working together to develop 6 out of 72 proposed projects. The proposed projects were submitted by 41 different institutions.
All of the projects were focused on sectors vital to the South Korean economy. Online voting, real estate transactions, cross-border document distribution, livestock supply chain management, customs clearance and shipping logistics. Those projects allocated almost $4 million with $3 million being from the government. The rest were distributed from private corporations.
KISA will take a very serious look at the results, which will be announced this November. After examining the data, KISA will host a blockchain competition in December. The competition will be an effort to select new ideas and projects.
So it appears the South Korean government shows no signs of slowing down. When it comes to mass adoption of blockchain technology and cryptocurrencies, there is a lot to be desired. The technological innovations will have to come with investments and hard work, something which South Korea is great at.
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