Korea To Fund "Crypto Beach"
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June 15, 2018
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Developers have announced that South Korea is considering a project to create a new blockchain center at Haeundae Beach in Busan in coordination with city authorities on August 30. The Korean crypto beach will be modeled after the Swiss “Crypto Valley” in Zug.

The fact that Korea is working on such a project is because "We need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland," said Oh Jung-geun, who is the chairman of the Korea ICT Financial Convergence Association and announced this in Seoul at the "2018 Global Blockchain Conference".

Curiously, there are reasons why the new center received such a name. "Crypto Beach" is to be created in one of the most touristic areas in the country on Haeundae Beach which attracts thousands of visitors per year.

In recent decades, the authorities have even given the place an unofficial status of a commercial development center. However, the developers must first discuss the project with the authorities of Busan. It is reported that the meeting is scheduled for August 30.

Representatives of the association note the special importance of creating "Crypto Beach" but are concerned that the local authorities do not fully understand the advantages of blocchain technology or pay attention to their own development. Also, due to the Korean government's ban on initial coin offering (ICO), many South Korean companies are forced to conduct ICO’s abroad.

Korea is also introducing new developments in the field of blockchain. Earlier, it became known that the Korean Federation of Banks (KFB) plans to implement a system of checking IDs on the blockchain for commercial banks. A new system called BankSign will be launched in July after passing the testing phase which began in April of this year. The private platform was built on the basis of Nexledger and developed by Samsung SDS.

On June 10, the IT department of the LG electronics giant, LG CNS, was elected by South Korea’s minting corporation to create a public-sector blockchain platform to provide a range of services including the release of a community token intended for widespread use.

By Ekaterina Ulyanova

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