South Korean Government Including Blockchain Development in Next Year’s Budget

South Korea Passes New Cryptocurrency Law
South Korea Passes New Cryptocurrency Law

The South Korean government is getting more involved with blockchain technology. It’s getting so interested that it plans to fund blockchain projects with a new budget in the next year, reports FNnews.

Koo Yun-cheol, the 2nd Vice Minister of Strategy and Finance, had a meeting regarding this information on April 17th. This conference is the leading innovation meeting that the group holds. Speaking on the matter is Yun-cheol themselves:

“The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future. It is possible to preempt the industry if the government effectively supports it in stages.”

He continues, stating that the government should be more involved in expanding the early market of blockchain. “The technological gap with developed countries such as the United States and Europe is not large for 2.3 years, so it is now a golden time for pursuit,” they said.

South Korea also recently announced its CBDC test pilot program, as InsideBitcoins has previously reported on. This is the group’s attempt at building its own central bank digital currency. It plans to test this implementation in 2021.

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Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend.