The Government of South Korea has acknowledged the potential of blockchain as Golden Opportunity and plans to implement a dedicated strategy in the country’s next budget.
The South Korean government authorities have made a statement praising the growing potential of blockchain technology and deemed it as a golden opportunity for the country to establish itself in the technology space. They have also urged private sector companies to come up and harness the potential of blockchain.
According to a report published by local news outlet Fn News, the Vice Minister of Strategy and Finance, Koo Yun-Cheol hosted a meeting with prominent private sector players of the country and discussed blockchain technology at length.
He focussed on the growing adoption and development of blockchain in various countries across the world stating that “The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future. It is possible to preempt the industry if the government effectively supports it in stages.”
He went on to add, “The technological gap with developed countries such as the United States and Europe is not large for 2.3 years, so it is now a golden time for pursuit.”
At the same time, Koo also stressed on the importance of government initiatives to boost the growth and adoption of blockchain in the country. He opined that the government should play a more active role in creating the initial market for blockchain in South Korea.
A Golden Opportunity for South Korea
In alignment with the above thought process, the South Korean government aims to create a blockchain proliferation strategy and include it in next year’s budget proposal.
Various countries across the world are gradually acknowledging the potential and benefits of using blockchain technology. For quite some time, UAE has been a leader in this space, in terms of experimenting on new projects and implementing blockchain in various sectors like supply chain, food, oil, etc.
On the other hand, since the RBI’s ban-lift on the usage of cryptocurrency in India, a lot of Indian companies like WazirX have made significant steps in the blockchain and crypto space.