South Korea investing one trillion won in tech including blockchain

South Korea has announced it will invest 5 trillion won ($4.4 billion) in its ‘Growth Through Innovation’ scheme, involving eight projects being rolled out across the country.

More than one trillion won of the budget will reportedly to dedicated to blockchain technology, AI and the sharing economy, which is a huge rise from the 579.9 billion won invested in this area in 2018.

The official press release states: “The government will focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy.”

South Korea has been generally positive towards blockchain and associated technologies, with 6,000 outlets confirmed to start accepting crypto payments across the country from mid-2018.

The announcement said: “We have taken a landmark step. We will try hard to set up an environment in which cryptocurrencies are used extensively.”

Back in April South Korea’s capital Seoul also announced plans to launch its own cryptocurrency – S-Coin – to be used as part of city-funded social benefits programs.

“Blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system system operated by Seoul City and the provision of youth allowance,” said the city’s mayor.

“As Seoul is the world’s leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains.”

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