Over the past few years, news has continued to emerge of South Korea’s push for its domestic blockchain industry. As one of the countries most actively involved in the sector’s regulation and oversight, South Korea has become a leader in embracing the nascent technology and has been instrumental in the crypto industry’s ongoing boom.
Entrepreneur.com recently reported that Vitalik Buterin, co-founder of Ethereum, had an opportunity to speak to the South Korean Parliament in the capital, Seoul. He advised the legislature to reconsider and redirect its anti-crypto policies as well as the nation’s tech development towards blockchain, arguing that without crypto, there is no blockchain.
Despite anti-crypto legislation, the government of South Korea supports blockchain adoption, in keeping with its track record of adopting cutting-edge technologies. In 2018, the government earmarked US$880 million to be spent on blockchain development.
In addition to efforts at the national level, the country’s capital, Seoul, announced a US$108 million blockchain initiative to be implemented over the coming four years. The city venture will develop startups and construct a blockchain complex for emerging businesses.
South Korea’s culture of tech adoption and innovation is an important reason to expect the nation to lead in blockchain as well.
The nation’s economic growth since the mid-20th century initially depended on reverse-engineering foreign tech imports and introducing improvements, fostering the beginnings of its R&D culture. Long before Facebook had been founded, South Korea already had its own social network, Cyworld, that counted almost every young South Korean as a user.
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