South Korea this year will comprehensively promote the blockchain financial services pilot projects, and to intensify the supervision of bitcoin
South Korea’s main financial regulator, the Financial Services Commission (FinancialServicesCommission, FSC) today announced plans to launch this year, the financial services project test technology based on block chain.
Although the details were not disclosed, but according to local media, the Korea Herald (KoreaHerald) news, the implementation of block chain technology has become a major financial services platform’s core infrastructure targets.
Just last month, South Korea has established its first block chain alliance. By the 21 Financial Investment Company and the 5 largest block chain technology company signed a memorandum of understanding, working together to develop distributed solutions to books, South Korea’s capital market think tank role.
This combination of officials and people is a coalition of the Financial Services Commission (FSC) and kofia (KoreaFinancialInvestmentAssociation) led the establishment of the. “The alliance aims to promote this year in South Korea can really open the blockchain test project.” Vice chairman of the financial services committee said JeongEun-bo.
The establishment of the working group of the South Korean government is determined to promote the field of national science and technology financial performance. The government plans to allocate 3 trillion won ($2 billion 650 million) for financial support to help the development of domestic companies and related enterprises, South Korea is spare no effort to promote technological development, efforts to build Korea into the Asian financial center of science and technology. The East Asian countries are actively working with Singapore and Chinese financial science and technology competition, after the two countries currently in the leading position in the development and application of the chain block.
Jeong will present “blockchain reform” as the “Internet reform in 1990s”.
He added in a statement:
Block chain technology has great potential in financial and other fields. South Korea has the top of the world of information and communication technology (ICT), as long as the government, industry experts and South Korea also has the ability to benefit by mutual discussion, the leadership of this round of blockchain international trend.”
The upcoming bitcoin regulation
In this game sweep to the trend of FinTech, South Korea will be in this year opened bitcoin regulation. As the South Korean bitcoin acceptance rate increased, FSC digital currency working group was established in late 2016, focused on the regulatory bitcoin, bitcoin exchange and the implementation of licensing policy.
“The government will follow the global trend, the United States, Japan and other countries to follow the footsteps, to vigorously promote the implementation of digital currency system.” FSC President YimJong-yong said.
To promote the development of bitcoin and the blockchain, South Korea’s large financial institutions Shinhan Bank (ShinhanBank) has opened bitcoin remittance channels in South Korea and the Chinese. At the same time, the Korea Exchange (KRX), as the only Korean stock exchange, launched a similar NASDAQ:LINK chain block trading platform, allowing startups trading shares in the open market.
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