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The South Korean government will support the blockchain


The Ministry of Science and Information Technology of Korea (MSICT) promised to provide further support to specialists and companies of the blockchain industry in order to contribute to the growth of domestic industry.

Second Minister of Science Ming Won-Ki held a meeting within the framework of the government’s program to establish contacts with organizations that are ready, as he said, to become participants in the fourth industrial revolution.

The agenda of the meeting was devoted to pilot blockchain projects that are supported by the government, in order to increase public investment of 4.2 billion won (3.7 million US dollars). Participants considered the issue of the deployment of technology for use in customs services, livestock and the real estate market.

The Minister said:

“This is a good opportunity for South Korea to lead this industry. The government will actively support domestic companies to help them lead the global blockchain market. “

Representatives of the industry stressed the need for support, research, and development in this sector to create a healthy competitive environment between domestic and foreign blockchain developers.

Although the government of South Korea has banned all types of ICO and since then has not developed an appropriate policy, the country is known for its proactive approach to the blockchain. In early September, the partnership, launched by MSICT, launched a six-month training course for the training of qualified blockchain specialists.

Earlier this month, it became known that the Korean Customs Service had signed an agreement with Samsung SDS on the deployment of blockchain technology for its customs accounting system.

Also, as previously reported, Korean multidisciplinary holding SK in conjunction with ICON, will use the blockchain for the development of the OK Cashbag payment system, which is used by almost 35 million South Koreans, which is more than half of the country’s population.

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