The City of Seoul, South Korea has instituted a "Youth Allowance" for unemployed young people and all those youths that were affected by the COVID-19 pandemic, and the process has been simplified through a blockchain-based system.
The South Korean Ministry of Science, ICT and Communications intends to examine whether or not to allow regulatory sandboxes related to blockchain and distributed ledger technology (DLT)-based overseas remittances after the National Assembly Act (Special Act) on the reporting and use of certain financial transaction information passes the National Assembly.
The general situation on blockchain technology and cryptocurrency in Korea is on the rise and developments look to be unstoppable. The country is now working on developing a blockchain-based local currency that works like Bitcoin and other real DLT-based cryptocurrencies.
On July 18th, MixMarvel, the renowned global blockchain game publishing platform, announced a prospect of becoming a KLAY BApp Partner of Klaytn, the public blockchain project of South Korea internet giant Kakao. MixMarvel will be the first globally integrated Layer-2 technology Partner of Klaytn.
The world’s largest information technology firm, Samsung Electronics, headquartered in Seoul, South Korea, has successfully added Bitcoin support to its new upcoming distributed ledger tech (DLT) Keystore Software Development Kit (SDK), and the company has disclosed that its digital currency wallet is compatible with its latest Galaxy Note 10 smartphone handset. Samsung is one of the most active companies adopting cryptocurrency and blockchain solutions in 2018-2019.
The British multinational banking giant HSBC has successfully completed a blockchain-enabled Letter-of-Credit (LC) transaction. The Bank announced that it was propagated between South Korea and Vietnam. This marks the first blockchain LC operation for both countries and seventh in the world in general.
Various developers are trying to make money using other people’s or company’s popular names and brands. As we talk right now, there is a person in South Korea that is trying to prey on Samsung’s blockchain ultramodern plans by ripping off the Samsung Coin brand. The person behind this move has been identified as Kim Nam-jin.