South Korea will allocate about $ 360 million for the development of blockchain in the country

The Ministry of Science, as well as the Ministry of Information and Communication Technology of South Korea are preparing forlaunch a pilot program for the development of blockchain in the country.

As part of Blockchain Technology ValidationSupport 2020 ”, it is planned to select nine projects working with the blockchain that will receive 450 million won (about $ 360,000). The program organizers said that startups will be selected according to the following criteria: the results of their current activities, the possibility of technical implementation of their concept in the future, the viability of the proposed technology, as well as a further development plan and the scope of tasks that must be completed.

In addition, departments specified that to participate inFirms should offer such services in the project in which the use of the blockchain is mandatory, and which will carry economic and social value. It is known that among the startups selected to participate in the program, five companies have already filed applications for registration of a patent, nine - for registration of copyright, and two held an investment round.

“South Korea intends to help local startupsin creating business models based on blockchain, Internet of things (IoT), artificial intelligence and big data. We must develop rapidly in this area while the blockchain market is still young, ”said Park Yoon-kyu, the Minister of Science and Technology.

South Korea is not only implementing blockchain invarious areas of activity, but also prepares the ground for the work of cryptocurrency companies in the country. Earlier this month, the South Korean parliament passed a bill to regulate cryptocurrencies. In addition, in the first half of this year, the country's government plans to introduce a new law, according to which individuals will be required to pay income tax on profits received from trading operations with cryptocurrencies.

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