The government of South Korea wants to have a research fund set up by more than $ 400 million. The research should focus on the development of the blockchaintechnologie. In this way, the land of the rising digital economy, and to keep pace with the growing dominance of China in the industry.
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This Is the fund to be viable?
According to the nieuwsoutlet ZDNet Korea, the ministry of Science and Technology, and at the end of the month to decide whether or not to actually proceed with a fund of $ 400 million. That’s the equivalent of 480 billion Korean won.
The ministry’s release, the feasibility will depend on the study of the Development of the blockchaintechnologie for the data economy’, which is at the end of may. If the plans get the go ahead, that $ 400 million over five years to be issued, to be started in 2021.
A fund is a part of
The research is not an isolated case. South Korea has a far wider plan, to be rolled out and this new fund should be a part of it. The plan is called the ” Data Economy and Revitalization’. The authorities in the country to consider the blockchain allegedly the base of the emerging digital economy.
The role of China in the
South Korea wants the money to invest in the potential of the blockchaintechnologie to stay in place. It would have been easy, however, if you look at their next-door neighbors on the other side of the Yellow Sea. China is accelerating their investments in an effort to blockchain adoption is to make it possible.
Last year, the cryptocurrency industry is shocked by some of the biggest stories of the year turned out to be. China’s president Xi, had blockchain technology to have a kernfocus of the national strategy of the country.
A lot of the Chinese cryptocurrency’s reported in October, 2019 is not huge profits as a result of the news. The statement confirmed, however, repeated his view that the pro-blockchain and not in the pro-crypto.
South Korea is a difficult task waiting for us.
ICON could benefit
Yong-beom Park, Dankook University, says that public participation is essential to the development of the blockchain in South Korea. For altcoinliefhebbers, this could be good news. ICON has a big role in the porridge into the blockchainlandschap of South Korea.
Min Kim, the founder of the ICON (ICX), is the largest of the currency of the republic of Korea, tweette all over the news and expressed the hope that the project will be included in the plans of the government, would have to be included.
1, Korea’s Ministry of Science and Technology, to decide $400 Blockchain to R&D over 5yrs by the end of this month.https://, etc.co./hJudqpWBpP
— M (@minhokim) September 13, 2020