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South Korea’s government to triple budget for blockchain development next year

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The South Korean government has decided to allocate some $35 million in next year’s budget for the development of blockchain technology and industry related to distributed ledger technology (DLT), Cointelegraph has reported, citing information from the local press.

According to a report from the Korea Economic Daily, published earlier today, the country’s government held a meeting on DLT-related industry and blockchain technology, with the Ministry of Science and ICT, the Ministry of Information and Communication and the Democratic Party of Korea being among the participants. During the meeting in was announced that the ministers had agreed to increase the budget for the next year three times, to roughly $35 million.

As noted by Cointelegraph, the Ministry of Science and ICT received 72 blockchain project applications from 41 institutions this year. Out of these, six projects were selected for development in the public sector. The ministry aims to double the number of selected projects in 2019.

As part of the government’s increased focus on blockchain, the Ministry of Information and Communication has been tasked providing technical, verification and consulting services for the blockchain startups for the next year.

During the meeting a vice minister of the Ministry of Science and ICT said that “everyone agrees that the blockchain is a technology [that will] change the future”.

“We basically need to grow in the market […] We will also need institutional and legislative support from the National Assembly [Korean parliament]. I look forward […] for the development of the blockchain industry in Korea,” the vice minister added, as quoted by Cointelegraph.

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