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BY CNA Team - October 5, 2018

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Seoul to roll out multimillion-dollar blockchain plans

Mayor of Seoul Park Won-soon unveiled the city’s plans to become a blockchain hub in the original blockchain hub, Zug
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The Mayor of Seoul, Park Won-soon, revealed ambitious plans to make the South Korean capital a blockchain hub during a visit to the Swiss blockchain/crypto capital Zug.

Yonhap News Agency reported that the mayor was on an 11-day working visit to Spain, Switzerland and Estonia that ends Oct 7.

Park says the city will roll out a five-year multimillion-dollar initiative promoting blockchain-based industries including the creation of business complexes and startup funds.

“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future information technology industry. I will make efforts to help Seoul become the centre of a blockchain industry ecosystem,” he was quoted by Yonhap as saying.

Park says the city government will spend US$53mil by 2021 on building two business complexes to house 200 blockchain-related companies.

Two training centres will be operated from these complexes to cultivate 730 experts in the technology over the next five years.

There are also plans to create a public-private fund with US$88.49mil to invest in blockchain startups by 2022. Park says the city will inject US$12mil into the planned fund.

This fund will be used to support blockchain-related conventions, tours and other promotional events.

The South Korean capital is not the only one with ambitions to host blockchain firms. The governor of the semi-autonomous province of Jeju, Won Hee-ryong, proposed in mid-August that the province, which is made up of the island of Jeju, be made into a blockchain hub allowing ICOs.

His spending plans to lure and nurture blockchain companies comes just as Min Byung-doo, a legislator who chair’s the government’s national policy committee, called for the ban on initial coin offerings to be eased as it was driving away promising blockchain startups.

Image courtesy of SEOUL METROPOLITAN GOVERNMENT website.

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