Free VPS Trial, no credit card required
Learn More
NetShop logo

Home

Blog

South Korea announces expansion of digit...

South Korea announces expansion of digital currency industry

South Korea announces expansion of digital currency industry

Published on Wed Oct 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.

Share this article

Recent Posts

How to Upgrade Debian 9 to Debian 10 using CLI (command line)

How to Upgrade Debian 9 to Debian 10 using CLI (command line)

April 14, 2021

How to start trading Forex with low latency

How to start trading Forex with low latency

April 13, 2021

Main differences between cPanel and Plesk Control Panels

Main differences between cPanel and Plesk Control Panels

April 12, 2021

Promo: How to Get Cloud & Server Hosting for Free with NetShop ISP

Promo: How to Get Cloud & Server Hosting for Free with NetShop ISP

April 08, 2021

Benefits of Malta VPS Hosting

Benefits of Malta VPS Hosting

April 07, 2021