Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
A meeting involving the South Korean finance ministry reveals country’s intention to nourish cutting-edge industries accelerating an innovative growth.
Coinspeaker has plenty of time reported South Korean regulatory attacks made down on a cryptocurrency trading and numerous token sales held in the country. The financial authorities of South Korea where every second person somehow involved into the crypto-sphere have lost their minds passing the bills that forced trading to be halt while exchanges have got under the thorough government supervision.
Yet South Korean financial watchdog does not seem to be against the robust blockchain technology underlying such hateful digital assets. Defining blockchain as one of eight the most critical sectors of the domestic economy, the financial minister of South Korea bets innovative development on the decentralized digital ledger.
According to the announcement made the other day, South Korean government has earmarked a 5 trillion won ($4.4 billion) budget toward its ‘Growth through Innovation’ investment program with a particular focus on blockchain and artificial intelligence. Notably set threshold exceeds current year’s budgetary spend in 65 percent.
Over the next five years, the figure could rise as high as 10 trillion won, the minister of finance Kim Dong-yeon added. Commenting on such a drastic increase compared to 2018 estimates, Kim Dong-yeon said:
“The government will focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy. In addition, the government will also provide fiscal support to encourage small businesses to use big data, and promote the development of digital trade platforms for exporters. The measures will help facilitate the platform economy, which in turn will help speed up innovative growth.”
For the platform economy, the government highlighted two platforms, a digital platform for big data analytics and a supply chain for hydrogen fuel cells. It also announced four projects, including an education project to develop qualified human capital needed.
According to details from the ministry’s own website, the areas of big data, AI, blockchain and sharing economy has collectively seen an investment of 579.9 billion won ($511 million) in 2018. In 2019, Korea’s finance ministry reveals an investment of 1,040 billion won ($918 million) for the sectors, a near 80 percent surge in investments into the spaces.
Obviously to ensure a steady technological development that in long-term prospective will lead the county to the top of world’s innovation arena, the industry is in dire need for high-quality specialist and South Korea is going to nurture 10,000 specialists in those same sectors through 2023, at a cost of 60 billion won (about $53 million).
The developments come at a time when the South Korean Ministry of Science and ICT is actively promoting blockchain education as means to alleviate youth unemployment and match promising candidates with the right positions.
Moreover, the country’s Jeju Island has outlined a proposal to the central government to reveal its intention to become a ‘special zone for blockchain and cryptocurrency’ startups and firms wherein ICOs will be permitted in the province despite its ban in the mainland.