April 21, 2024

The South Korean government said that now is the "golden time" for the development of the blockchain

The South Korean government has said that now is a “golden time” for for blockchain development

The South Korean government held a meeting with private companies, urging businesses to use the existing potential for the development of the blockchain industry.

April 17 Ko Yoon Chol, 2nd Vice Minister of Strategyand finance, held a conference on this subject, inviting a number of industry experts. During the conversation, he pointed out the need to develop blockchain at the national level and promised support from the government.

In his speech, Ku noted that blockchain is a promising technology, and, according to forecasts, in the next few yearsthis industry will grow by more than 80% annually, providing competitive advantages to countries moving in this direction.

Therefore, in the next 2-3 years, South Korea intendsreduce the technological gap with the US, China and the EU while it is not too large. The Second Vice Minister called this period the “golden time” to find a niche.

He also added that the government should take a more active part in the formation of the initial market base and the reorganization of the existing system.

The government plans to develop a blockchain development strategy and include it in the 2021 budget.

In addition, in January, the South Korean State Committee recommended adding Bitcoin to the stock exchange.