Report: South Korea to Launch ‘Full-Scale’ Blockchain Financial Services Pilot in 2017
In an announcement today, South Korea’s Financial Services Commission (FSC) – the country’s primary financial regulatory and authority – has revealed its plan to launch a blockchain-powered pilot project for financial services this year. While details are scarce, a report by local publication Korea Herald points to implementing blockchain technology as the core infrastructure for a sweeping financial services platform. The announcement comes just over a month after the formation of South Korea’s first blockchain consortium. A group of 21 financial investment companies and five blockchain....
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South Korea is making efforts to prepare “Systematic Groundwork” for the spread of digital currency. According to South Korea’s Yonhap agency, the country recently hosted the 12th Fintech Center Demo Day event, where Yim Jong-yong, chairman of the Financial Services Commission (FSC), declared that the South Korean government would also offer $2.65 bln in financial support over the next 3 years for the development of the fintech sector. Cointelegraph has already reported new Bitcoin centric developments in South Korea recently and how things are changing fast in Korea in sync with....
South Korea has become a hotbed for cryptocurrency and blockchain technology startups. Just recently the Korea Exchange launched its Korea Startup Market (KSM) based on blockchain technology, provided by Korean blockchain startup Blocko. Furthermore, the Korean Financial Services Commission (FSC) plans on regulating virtual currencies like bitcoin in....
Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....
It's often outside the major US and European markets that blockchain companies produce the most interesting innovations, thanks to differences in both the regulatory and business environments in places like East Asia. It's also why bitcoin and blockchain companies in places like South Korea and Japan often surprise people. They move in new directions, raise investment from unexpected sources and find new user bases. It's proof that this technology is truly a worldwide phenomenon, and those interested should watch all regions for inspiration. As 2016 comes to a close, I'd like to highlight....
The South Korean central bank is on track with its CBDC pilot program, but still insists it has no current plans to launch. The South Korean central bank announced on Oct. 7 that it will begin the distribution phase of its central bank digital currency, or CBDC, pilot scheme next year.This will see the digital won enter circulation, with financial institutions getting involved in the distribution and transactions being recorded to the blockchain, according to an article in local media outlet The Korea Herald.As Cointelegraph reported, Bank of Korea's 22-month CBDC pilot scheme launched in....