South Korean government increases blockchain investments significantly
South Korea is responding to successful investments in 2018 – the country appears to be planning a substantial increase in its funding for projects to explore and advance the use of the blockchain in various sectors of the economy.
Significantly more money – even for state-owned projects
Asia is generally a good place for Bitcoin and many other digital currencies. Not only because many currencies were created in China, Japan or other Asian countries. Many industries, such as tourism, are already further afield than most European countries can attest. And if the government of South Korea is to be successful, they want to continue to actively participate in the further development of blockchain technology. In order to secure a top position, the government plans to invest the equivalent of 18 million dollars in new projects next year. This announcement was published in the state media in the middle of the week.
Ministry also wants to strengthen the economy
The rapporteurs again refer to information from the environment of the South Korean Ministry of Science. The planned sum is significantly higher than the investment made this year. In 2018, in various initiatives related to the blockchain “only” about 10 million USD were allocated for projects in this area. The ministry allegedly wants to invest about a dozen projects in its own projects. Funds are also to flow into start-ups. One part of the projects will be tests in the field of logistics. Among other things, the government would like to support the shipping industry, which is in crisis, in this way. For this reason, the Ministry of Oceans and Fisheries will be involved, as the reports say. South Korea is also planning to use the blockchain to consolidate and expand its leading role as a member of the top 10 exporting nations.
Political direction remains the same
The company Samsung SDS, which has been cooperating with politicians on blockchain models for some time, will probably continue to participate as before. The catch on the message: For the time being, there will be no change in the political way Ethereum, Litecoin and Co. are dealt with in the country. For example, the ban on ICOs in its current form will not be corrected too soon.
