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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.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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