- South korea Ministry of Science and ICT announced that the digital currency sector will be implored upon the next five years.
- It will be supported by an investment worth 133.3 billion to protect the privacy of blockchain users.
South korea Ministry of Science and ICT announced that the blockchain sector will be implored upon the next five years backed by an investment worth 133.3 billion to protect the privacy of blockchain users. Furthermore, it will monitor performance for necessary reforms and policies. The government assured that developments will be carried out on a huge scale as the preliminary feasibility test has been passed.
Blockchain Technology in Seoul over the years
South Korea was the first country in 2017 to regulate cryptocurrency due to an increase in scandals and theft. A report suggests that every one-in-three salaried employee invests in cryptocurrency through local exchanges like Upbit, Coinbit, and Bithumb. South Korean won accounts for 6.5% of cryptocurrency transactions throughout the world. No doubt that they were considered one of the early enthusiasts to invest in the same.
The aftermath of the Blockchain Boom
The country experienced a boom in late 2017 which left everyone talking about the digital currency. The economy and finance drove the blockchain application post the boom. Radical transformations were not introduced by banking regulators and financial institutions for the safety of digital currencies. Excessive bureaucracy stopped in the banking sector which smoothened the evolvement of national cryptocurrencies.
Blockchain’s unruffled future in South Korea
A consensus technology will be deployed for smarter contracts and data sovereignty. Blockchain processing will be improved and enhanced for faster and secure transactions. Vulnerabilities will be detected automatically and new technology for the simulation of a threat environment.
The future seems bright as large amounts of data would be handled within a shorter time frame. Although, experts feel that crypto is a poor safe-haven for many in the country it has the potential to change the financial sector for the better. There have also been talks of imposing a tax on cryptocurrency for diversification benefits for all the citizens. A digitalized tax system will be a major boost to the global economy and the country in general. The cryptocurrency is inclusive and easily accessible by the citizens of South Korea. Major complications will be removed due to the hefty investments in the financial sector.