The South Korean authorities believe blockchain technology can enhance the traditional private sector and contains a lot of potential for the whole country.
According to a local news outlet Fn News, Yun-Cheol Koo, who is Second Vice Minister at Republic of Korea Ministry of Strategy & Finance, said at a meeting held on April 17th that the size of the blockchain-related industry every year is expected to grow on average by "more than 80%."
Koo says the South Korean government "must play a more active role in creating the initial market."
"The technological gap between developed countries such as the United States and Europe is not large for 2.3 years, so it is now a golden time for pursuit," Koo added.
Previously the Bank of Korea, the country's central bank, launched a pilot program to test the digital won, its own central bank digital currency (CBDC).
iHodl also reported that South Korea's National Assembly passed an amendment that would officially bring cryptocurrencies under the country's legal system.
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