South Korea is a very important region when it comes to the cryptocurrency ecosystem. Any developments taking place over in this part of the world always have global repercussions in one way or another. It now seems as though the nation’s Ministry of Science and ICT is looking to invest over $200m to accelerate blockchain development.
Blockchain Technology Attracts Big Money
As per latest reports, the South Korean government is actively looking to get involved within the crypto space and to fulfil their vision, are ready to contribute an impressive $230 billion Won towards research and development of blockchain technology between now and 2022.
According to an official press release, it seems like South Korea’s Ministry of Science and ICT is taking a similar approach to how China is tackling the concept of blockchain technology. While neither agency highlighted any official use cases, it is evident that this technology has a lot of potential since Korea-based payment provider, Kakao Pay, has already integrated this technology into its application framework.
For the blockchain industry, this news couldn’t come at a better time. With growing concerns over the lack of “killer apps” using this technology, it is clear that expectations from this platform are extremely high right now.
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