The government of South Korea plans to invest more than $880 million (1 trillion won) in accelerating the development of innovative technologies next year. Investments will be directed to blockchain technology, artificial intelligence (AI) and Big Data.
This amount is almost twice as much as was allocated by the government for the same purposes in 2018 (579.9 billion won). In addition, the Ministry of Economy and Finance plans to invest $8-9 billion in these areas over the next 5 years. An important place in the development strategy will be allocated to blockchain platforms.
WHY IS IT IMPORTANT?
- The government wants to focus on the promotion of big data, AI and on the development of blockchain technology to ensure the security of data management.
- South Korea is seriously engaged in the introduction of blockchain technology and cryptocurrency. This is confirmed by the large investments that the authorities intend to send in this sphere. In addition, South Korea opens industry research centers, which are designed to provide a comprehensive analysis of the cryptocurrency market in the country and abroad.
- In July, it also became known that the Financial Innovation Bureau (FIB), a government structure within the Financial Services Commission (FSC), will appear in South Korea. The Office will be responsible for creating policy in the field of сryptoсurrency, fintech and Big Data.