South Korea wants to pioneer blockchain adoption
According to South Korea's Deputy Minister for Strategy and Finance, Koo Yun-cheol, the blockchain market is a "golden opportunity" for the country.
Strong commitment to blockchain
According to South Korea's Deputy Minister for Strategy and Finance, Koo Yun-cheol, the blockchain market is a "golden opportunity" for the country. Koo's statements were issued in a Fn News report published on April 17. According to the report, Koo met with several private industry experts to encourage the development and exploitation of the potential of blockchain technology.
The forecasts regarding the great growth of the development of blockchain technology in the world are positive, according to Koo: "The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and it is competitively supporting foreign countries to worry about the market that is attracting attention as a promising technology in the future. " South Korea is considering taking an active role in the market that would greatly benefit the country's economy. Koo stated: “The public pilot project, in which market demand has been confirmed through the pilot project, has been adopted as the main project. The system also needs to be reorganized."
Advances in the development of blockchain technology are very even around the world. Many nations such as Russia, the United States, China and some countries of the European Union, have blockchain development projects. However when it comes to legal regulations and heavy investments in blockchain development by the government, South Korea is taking a step forward. On March 17, two ministries of the country announced funds of USD 3.2 million to support local sturtups that develop in the blockchain industry. Undoubtedly, South Korea's commitment is to be the pioneer in the adoption of technology and to benefit from it.