2016-11-24 Thu

South Korea has officially announced that they would soon be laying the foundation for the spread of digital currency. Details about the form or technology have not been disclosed and officials have only revealed that a blockchain method would be used. Research and pilot projects will be launched by the government and the local financial industry players this year. Three trillion won would be invested for funding this project over the next three years, which amounts to US$2.65 billion. In the second stage, the government will focus on re-designing the existing system to suit the Fintech environment.

The country is already known for adopting bitcoin and blockchain technology since 2014. Governments all around the world have recently expressed their interest in digital currencies after the Chief Scientific Adviser to the UK government advised his Prime Minister and Parliament to consider using a blockchain-based digital currency. The Bank of Canada and China are also thinking on the same lines. The Dutch Central Bank has been studying its own prototype cryptocurrency for at least two years called the DNBCoin.