The South Korean authority has taken a step further to actualize its dreams of emerging as the leader in the global blockchain space.
Through a new government policy, the country hopes to invest 20 trillion won ($17 billion) in blockchain technology alongside other projects, the Korean Times reported today.
According to the report, the new policy dubbed “Korean New Deal Fund” will focus on executing digital-related projects like blockchain and 5G technologies.
In recent times the South Korean government said it sees a golden opportunity in blockchain technology. The country believes that the blockchain sector has the potential of growing by 80% annually.
For this reason, Korea has been hard at work to harness funds from both public and private sectors towards the Koreans New Deal Fund.
During the meeting of ministers at Seoul Government Complex in Gwanghwamun, Hong Nam-ki, South Korean Finance Minister and Deputy Prime Minister, commented on the new project, he said:
Necessary changes will be made including, spending plans and law revisions to help effective management and operation of the fund.
The Korean blockchain investment funding hopes to earn support from the country’s public fund set up tagged New Deal Infrastructure Fund, geared toward much-needed infrastructure to facilitate “green and digital initiatives.”
By October, the government hopes to set up a select operating committee that will include private expatriates to oversee the fundraising operations toward readiness in November.
The country plans to hold events geared towards building investors’ relationships with private firms next month to enable interested investors better understand the potential benefits they stand to enjoy with the South Korean government-led investment.
The authorities will make public the selected fund manager in December, while operations will begin in January 2021 for shortlisted firms.
Indeed, blockchain technology is still a very young industry, and Korea is not the only country exploring the tech.
Singapore, for instance, has fully adopted the technology and completed successfully its digital multi-currency blockchain network known as Project Ubin.