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South Korea Starts Investing in a Digital Currency Future
South Korea Commences Investing in a Digital Currency Future
The fintech industry has been a hot topic of discussion in most Western civilizations, Japan and China for several years now. As these global leaders proceed to expand fintech investment and regulation, others are looking to join in the future opportunities like Bitcoin and its blockchain technology. South Korea is an up-and-coming technological market that has recently signed a partnership with Singapore to invest in a future that includes a digital currency friendly national environment, according to Korea’s Yonhap News.
Putting their money where their mouth is
Many politicians talk the talk, but South Korea knows it is a little late to the party, so they will invest significantly into the fintech industry. According to the chairman of Korea’s Financial Services Commission (FSC), the Korean government has pledged to invest three trillion Korean won, or approximately $Two.65 Billion USD, into integrating digital currency into their business culture over the next three years.
"The government will shove for the systematization of digital currency on a utter scale in tandem with a global trend in the U.S., Japan, and other countries," Yim Jong-yong, chairman of the Financial Services Commission (FSC), said in a speech at the 12th Fintech Center Demo Day event. "In the 2nd stage, the government will place a concentrate on re-designing the existing system to be suitable for the fintech environment," Yim said."
He added the government and the local financial industry will launch a consortium on blockchain within this year for joint research and fintech pilot projects. This “2nd stage” he mentioned is a part of a larger fintech economic roadmap for South Korea that will be released early next year.
“This agreement is an significant step forward in enhancing the financial relationship inbetween Korea and Singapore,” said Hoon Choi, Director General of Banking and Insurance Bureau within the Korean Financial Services Commission.
This announcement will pair South Korea with international commerce and financial powerhouse Singapore. They will work together on related fintech projects, sharing everything from information on how to regulate fintech, to information on fresh technologies that will help them reach economic goals.
“Albeit Korea is a relative newcomer of FinTech, it is growing at a rapid rhythm based on its excellent IT and online financial infrastructure, under the Government’s FinTech policy. We hope that the agreement serves as a stepping stone for FinTech firms from both Korea and Singapore alike to expand their business globally.”
Author : Evander Brainy
Evander Brainy worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inwards. His travels, practice and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the fetters of economic slavery being created by global establishment coerces. Evander gets you thinking about what money truly is, and how it will work for you going forward. The world of finance is getting ready for incredible switches, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Movie University