Korean Government Explores Direct Financing of Blockchain Development

Koo Yun-cheol, 2nd Vice Minister of Economy and Finance, said, “This is the right time to reduce technological gap with advanced countries.”


The Korean government determined that the present moment is the ‘right time’ to narrow the blockchain technology gap with advanced countries, and decided to invest its finances.

Koo Yun-Cheol, Vice Minister of Economy and Finance attended a blockchain conference. He is speaking at a blockchain conference held on the 17th with relevant organizations and civilian experts.

Koo called a video conference between the Government Complex Seoul and Government Complex Sejong to hold a blockchain-related discussion, and suggested this policy.

He said, “The blockchain industry is expected to grow more than 80% per year on average. Many countries are considering it as promising technology and supporting it to occupy the market in advance.”

“The blockchain technology gap with the leading countries such as the US and Europe is not large, so this is the right time to reduce it. If the government provides effective support, Korea can occupy the industry in advance,” he added. He also said, “The government should be more active for this.”

He said, “We will adopt a public pilot project that has proven market demands through blockchain pilot projects for public sector as the main project and promote the project.” “The pilot project system needs to be reorganized for various pilot projects,” he added.

He also said, “Based on the conference, we will establish a strategy to spread blockchain technology through consultation with relevant organizations and reflect it in the budget for next year.”

Relevant organizations such as the Ministry of Economy and Finance, the Ministry of Science and ICT, the Ministry of Health and Welfare, the Korea Internet and Security Agency, Professor Park Soo-yong from Sogang University, Professor Jeon Ju-yong from Dongguk University, and experts from private companies attended the conference.

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retrieved from https://www.yna.co.kr/view/AKR20200417027200002?section=search


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