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South Korea announces expansion of digit...

South Korea announces expansion of digital currency industry

Published on October 26, 2016

The government of South Korea announced that it will offer $2.65 billion in financial support over the next three years to develop the FinTech sector in the country. It is expected that this move will also expand the system of digital currency like bitcoin. The government is planning to establish pilot projects by the end of this year.

Yim Jong-yong, chairman of the Financial Services Commission, said: “The government will push for the systemization of digital currency on a full scale in tandem with a global trend in the U.S., Japan and other countries.”

This isn’t the first time South Korea is involving itself with bitcoin and its underlying technology, the blockchain. The latest announcement regarding the expansion of the digital currency to boost its FinTech sector proves the point that South Korea is planning to become an attractive destination for startups in the future.

Yim Jong-yong commented: “Blockchain technology is emerging as the core infrastructure of future finance”.

“We will take the lead in the convergence of new emerging technologies such as digital currencies and blockchains and financial service,” Yim added.