The Korean government is investing 230 billion won in blockchain technology
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Answer The Korean government is investing 230 billion won in blockchain technology
On June 21, the South Korean Ministry of Science and Technology announced a blockchain technology development strategy. This strategy includes providing 230 billion won ($207 million) to invest in the development of blockchain technology, and their goal is to provide this amount before 2022.
Through this initiative, the ministry intends to compete in blockchain technology, as they hope to raise their share of the United States in this technology from 76.4% to 90%, and support 10,000 specialists and 100 companies.
The development includes “Livestock Records Management”, “Personal Customs Clearance”, “Easy Real Estate”, “Online Voting”, “Sharing Electronic Documents between Countries of the World” and “Marine Logistics” and the Ministry intends to expand the scope of support for these projects starting from the year and also the marketing of these services.Read:Samsung unveils crypto wallet for storing digital currencies on its new smartphone S22
In addition, the Korean government will support the development of BaaS, a “blockchain-as-a-service” in order to sponsor businesses specialized in blockchain technology, after which it plans to offer 10 BaaS purchase vouchers, vouchers that guarantee government payments to SMEs each year.
The initiative also includes organizing scientific research teams to improve the legal system that currently prevents the development of blockchain technology in the country. The main objective of the team will be to clarify the legal problems resulting from the conflict between law and technology, such as the difference between smart contract and ordinary contract. The Korean government will also provide tax benefits to blockchain technology developers.
Although the Korean government has recently clamped down on the exchange of digital currencies, its support for blockchain technology is increasing. On June 11, the Korean Standards Association cooperated with Waltunchan to support researchers and developers in the field of blockchain. This came after Waltonchan announced the establishment of the Blockchain Institute in South Korea on June 8, which received approval from The Ministry of Science and Technology, which aims to provide an environment that allows the study of blockchain technology specialized in applications, which includes two courses, each of which lasts for 6 months, by August 2018, where representatives from the ministry and from Waltonchan attended the opening ceremony. Blockchain.Read:Ripple Joins the “Digital Pound” Foundation…Here’s Its Role in Developing CBDC
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