Crypto Analysts Explain What Caused The Market 6 Month Lows

The Korea Internet Security Agency, which is part of the Korean government, has outlined its new plans to support the blockchain-related projects in 2020 with 10.5 billion won which translates to around $9 million in funding. However, the government also ruled out supporting of crypto projects or crypto exchanges.

This will be the third year of such support from the KISA which is under the Ministry of Science and ICT and part of the Korean government. According to the announcement from the agency on Monday, the plans were discussed at a meeting held in Seoul on Friday last week.

The blockchain news today also show that about 10 projects will be chosen for next year. One or two of them will receive funding over a number of years. The maximum funding will be $1.2 million per project, according to Min Kyung-sik who is the head of KISA’s blockchain center. The news were confirmed by Coindesk Korea.

What’s interesting is that the Korean government is giving $9 million for the project which will cover both public sector and private sector projects. They will be eligible to apply and the application will be taken through November 11, with results being announced on December 20. The public sector includes any of the 400 government and government-related entities such as central agencies, regional organizations and public institutions.

Even though KISA ruled out the support of cryptocurrency projects and exchanges, there is some space left for projects pursued by major financial institutions that may involve tokens. That said, the 2020 plan is a major step back from the commitment this year.

The Korean government backing blockchain is not the only advance this year, the cryptocurrency news show. There has been a donation platform, Hyundai Autoever’s used car service platform as well as the Initial blockchain ID platform which was supported by all major phone operators in the country.

Before this, we could see a records-management system for the National Archives, a network that shares medical information on blockchain, a food safety system, an electric vehicle battery record system and other projects. All of this is proof that the Korean government is ready to embrace blockchain technology – and that the key players are willing to work on its development.