South Korea’s authorities is set to double its funding for 2019 to encourage blockchain industry.
The South Korean government has now agreed to invest $35 million in next year’s funding to develop blockchain technology and business related to distributed ledger technology (DLT), South Korea’s largest economic data service company Korea Economic Daily reported Nov. 8. South Korea’s authorities has held a meeting on industry associated with DLT and blockchain technology with the participation of the Ministry of Science and ICT, the Ministry of Information and Communication, the Democratic Party of Korea, and many others. The Vice Minister of Health and Welfare announced during the meeting which the ministries agreed to increase the funding for the next year by three occasions, roughly to $35 million.This year, the Ministry of Science and ICT obtained 72 blockchain project applications from 41 institutions, and chose six final projects due to their growth from the public sector. To get 2019, the Ministry will be made to double the number of selected jobs to 12, with three to four “private-led” blockchain jobs as well.The Ministry of Information and Communication will be accountable for providing technical, verificational, along with consulting solutions for your blockchain startups for the next calendar year, Korea Economic Daily reports.The next vice versa of the Ministry of Science and ICT noted that “everyone agrees that the blockchain is a technology [that may ] change the long term,” continuing:“We basically must increase in the market […] We will also require legislative and institutional support by the National Assembly [Korean parliament]. I anticipate […] for the development of the blockchain business in Korea. ”Before this collapse, a sub-organization of the South Korean Ministry of Science and ICT, the Korea Internet and Security Agency (KISA), had made a statement about the government’s plans to to spend roughly $9 million to spread blockchain jobs throughout private and public sectors, Cointelegraph reported Sep. 4. Back in October, South Korea’s Financial Services Commission (FSC), the federal watchdog, warned that investing in cryptocurrency funds can violate the nation ’s Capital Markets Act. […]