South Korean Government Announces 2nd Study On Blockchain Regulation

The South Korean government and the Ministry of Science and ICT are running a follow-up study on blockchain regulations, as the latest cryptocurrency news show.

According to a report on Yohnap News published on May 21, the study will be the second in the series to explore the situation regarding the regulation of blockchain technology. Named the “Blockchain Regulation Improvement Study Group,” it is part of an initiative that is run by the South Korean government and its science and tech arms – helping it figure out how regulations could be improved so that blockchain technology could achieve widespread institutional adoption.

“The second phase of the Regulatory Improvement Study Group plans to select five strategic industries, including logistics, distribution, public services, healthcare, finance and energy, which are likely to spread the blockchain,” the report featured in our altcoin news section reads.

The Blockchain Regulation Improvement Study Group was originally introduced and launched in June 2018. Initially, it was focused on improving legal regulations which pertained to blockchain tech such as smart contracts, personal privacy, electronic documents, distributed computing systems as well as digital signatures.

This year, the South Korean government wants it to focus on the five institutional areas where blockchain technology can achieve adoption, which include:

• Logistics and distribution
• Public services
• Finance
• Healthcare
• Energy

The capital of South Korea, Seoul, will reportedly add blockchain technology to its citizen cards. This, as the news show, will purportedly allow the card holders to easily verify their identity and access the administrative services.

Aside from the South Korean government, the mayor of Seoul Park Won-soon was quoted by many best cryptocurrency news sites recently for implementing other blockchain-based administrative services including mobile e-voting. Moreover, the government of Seoul stated that it has gathered over $1 billion to fund blockchain and fintech startups over the course of the next 3 years.

As we previously reported in our cryptocurrency news, the South Korean government is not the first one to make such leap forward. The truth is, governments in countries all around the world are doing the same – and we can see clear examples on implemented blockchain strategies for economic development in countries such as New Zealand, Australia, Germany and the United Arab Emirates (UAE).