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South Korean Island Secures $5 Billion Blockchain Fund

South Korean Island Secures $5 Billion Blockchain Fund

South Korea’s Jeju island recently secured approval from the local government. This means the island now has a go signal for its smart city transformation.

With this, Jeju island is now in its preparation to explore the world of cryptocurrency and blockchain technology. According to a report, the island’s governor Won Hee-ryong has already received approval from the government of South Korea to proceed in transforming the island into a smart city.

The renovation has a budget of $5 billion, which will be dedicated to the creation and implementation of blockchain and Internet-of-Things (IoT) technologies. Through this investment, Jeju island expects to provide at least 44,00 jobs by 2025.

Looking back, last August 2018, governor Won made a formal request regarding the transformation of Jeju Island into a special place for blockchain and cryptocurrency. The request formally addressed to the high ranking officers and policymakers of South Korea.

Won explained:

Blockchain can cut costs, provide stable transactions and, essentially has the potential to become a game-changer that could alter the ecosystem of the internet platform industry. For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow [the operation of] blockchain and cryptocurrency [firms].

Aside from the plan to create a smart city, which will be a blockchain and crypto-friendly place, the local government also plans to make it an international city — one that would offer business tax breaks and incentives. More so, this place also prioritizes tourism, healthcare, renewable energy, and education.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.