South Korean Blockchain Budget Increased

Published 5 years ago on November 09, 2018

South Korean Blockchain Budget Increased

The Government for South Korea has made an agreement to invest over $30 million in the budget for next year for the development of blockchain technology and industry related to distributed ledger tech, South Korea’s largest economic information service company Korea Economic Daily reported earlier in the week. South Korea’s government had a meeting regarding Ledger tech and the technology behind blockchain with the participation of the Ministry of Science and ICT, the Democratic Party of Korea, the Ministry of Information and Communication and others. The Vice Minister of Health and Welfare announced during the meeting that the ministries came to an agreement to increase the budget for next year by three times to around $35 million. As mentioned by CoinTelegraph, this year, the Ministry of Science and ICT received over seventy blockchain project application from around 41 institutions selected six final projects for their development in the public sector. For next year, the Ministry aimed to double the volume of selected projects to twelve, with three to four private-led blockchain projects as well. The Ministry of Information and Communication will be leading the technical verification and consulting services for the blockchain startups next year. It was mentioned by the second vice minister of the Ministry of Science and ICT that:

“Everyone agrees that the blockchain is a technology [that will] change the future. We basically need to grow in the market [...] We will also need institutional and legislative support from the National Assembly [Korean parliament]. I look forward [...] for the development of the blockchain industry in Korea.”

Prior to this, an organisation of the South Korean Ministry of Science and ICT, the Korea Internet and Security Agency already initially made revealed the plans of the government to spend just under $10 million to spread blockchain projects throughout the public and private sectors. Last month, the national watchdog also known as Financial Services Commision in South Korea, warned that investing in digital currency funds could be going against the countries Capital Markets Act. This shows that the country wants to make a bigger deal out of cryptocurrency and blockchain. By putting more money into the budget for blockchain it’s clear that they are eager to see more come from this technology What are your thoughts? Let us know what you think down in the comments below!

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Adrian Barkley

Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.