South Korea once again demonstrates the growing interest in the field of blockchain and cryptocurrency, increasing the budget for research and development of the blockchain technology, the sphere of artificial intelligence (AI) and the sharing economy to the sum of 1 trillion won (about $880 million).
According to the official press release, South Korea will send a total of 5 trillion won ($4.4 billion) for the implementation of the strategy “Growth through innovation”. Under this initiative provides funding to eight pilot projects and so-called “economy platform”, which includes the development of a digital platform for Analytics “big data” and the transaction, overcoming the “digital divide”, training of personnel, as well as working with the supply chain of hydrogen fuel cell.
Overall, during the 5 years following the South Korean authorities are planning to invest in the “economy platform” of funds in a total amount from 9 to 10 trillion won, expecting no significant impact on other fishery products on a national scale.
In a press release it is also possible to note the emphasis on the use of blockchain technology, which is considered as one of the most important factors in the development of the sharing economy.
“The government will focus on development of “big data” and artificial intelligence, developing blockchain technology for security, data management and stimulate the development of sharing economy”, — said in a statement.
So, in the direction of big data, AI and blockchain in 2019 will be allocated more than 1 trillion won, almost twice the amount of funding this year (579,9 billion won).
Probably a new signal that South Korea takes the technology of the blockchain and cryptocurrencies seriously. Moreover, major investment in the development of innovative technologies is not all: in South Korea began opening industry research centers that are expected to provide a comprehensive analysis of the cryptocurrency market in the state and abroad.
In July the country also announced the creation of the Bureau of financial innovation (FIB) is a structural unit of the financial services Commission (FSC), the competence of which will include development of state policy towards cryptocurrency, big data, and Finance.
Recall that in late July, the FSC urged the lawmakers of the state to adopt a law on crypto as soon as possible.