A South Korean University and an Association will be promoting blockchain technology in the country. A Memorandum of Understanding (MoU) has been signed between the Korea Radio Promotion Association (RAPA) and the Jeju University. The information was released by the Korean outlet Seoul Economic Daily a few days ago.
Blockchain Technology Promotion in South Korea
Blockchain technology will receive an important impulse in the South Korean peninsula with this MoU. RAPA is a company that is in charge of the communications between the government and the radio broadcasting. Moreover, Jeju University is a recognized educational institution in the country.
Jeju University is also located in one of the most important research centres in South Korea known as the Jeju Science Park. Both institutions will be promoting blockchain technology in many different professional areas.
With this MoU, RAPA and Jeju University will be creating a blockchain ecosystem located in the Jeju Province. The main intention behind it is to exchange ideas related to blockchain technology between specialists and experts in the field. Moreover, they will be increasing the competitiveness of companies located in the country. The blockchain landscape around the world is getting more competitive and it will not be easy for companies to remain attractive.
South Korea has been working in different regulations for blockchain technology and virtual currencies. Initial Coin Offerings (ICOs), projects that in general want to create new blockchain systems, are banned in the country. Nevertheless, there were other initiatives related to blockchain technology that are worth mentioning.
However, earlier this year, there were some rumours circulating on the internet related to the possibility for the government to legalize Initial Coin Offerings. The proposal was made by Min Byung-Doo, chairman of Korea’s National Policy Committee. If new regulations allowing ICOs are implemented, it would be possible to legitimize the local blockchain and crypto industry.
A few days ago, the giant messaging company from South Korea, Kakao, partnered with the stablecoin Terra with the intention to create a blockchain-based payment system. In this way, stability, reliability and speed will be enhanced for payment services.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.