- South Korea is recognized as one of the biggest markets for blockchain technology and believes it as a golden opportunity to utilize it.
- As per Koo, the blockchain industry is expected to grow by 80% yearly in South Korea.
- South Korea is the avenue of vivacious blockchain and digital currency industries worldwide.
South Korea is recognized as one of the biggest markets for blockchain technology and believes it as a golden opportunity to utilize it.
The government is planning to compete with Europe and the US
The Vice Minister of Strategy and Finance in the East Asian nation, Koo Yun-Cheol addressed in a blockchain-based meeting that the Korean government was working with the private firms of the country to make it a tech-savvy nation.
As per Koo, the blockchain industry is expected to grow by 80% yearly in South Korea. With the introduction of blockchain technology, the government is planning to compete with the United States and Europe.
The Vice Minister stated that the government will provide financial help to the industry. To a number of blockchain projects, the government is planning to allocate funds in the coming financial year budget. He added the government must perform a vigorous role in building a novel market.
The government is conducting a public pilot project
However, to decide the extent of the blockchain market, the government is piloting a public project that will be monitored by the government as the system is seeking to be reorganized. Where Europe and the US have flagged their ownership in many significant technological fields, South Korea will compete with the duos in regards to blockchain.
Koo said with enough investment in technology, South Korea can become a leading blockchain player globally defeating the US and European markets. South Korea is the avenue of vivacious blockchain and digital currency industries worldwide.
Moreover, the country contains prime global exchanges such as Upbit and Bithumb. Apart from this many leading exchanges are planning to establish their market in South Korea. Two years ago, a significant exchange, Huobi launched its Korean subsidiary.
Meanwhile, with the recent launch of a $3 million grant in March, it has been already declared that the Asian country is willing to invest in blockchain development.
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