South Korea

The health institutions in South Korea are using every available tool to fight Coronavirus disease. The most recent technological alternative is using a blockchain app system to track Covid-19 contacts in different parts of the country.

South Korea is known for its friendly stance on innovations including cryptocurrency. The country has even announced plans for releasing their own CDBC dubbed the digital won. However, they also show support to businesses dealing with other digital currencies.

The Political Affairs Committee of South Korea’s National Assembly has informed the Financial Services Commission (FSC) on numerous attempts of hackers to break into the country’s financial institutions. Cryptocurrency exchanges became the main target.

The South Korean government is actively adopting disruptive innovations including blockchain and distributed ledger technology (DLT) within various industries. It seems the country wants to follow in the footsteps of Japan and Switzerland to become a global tech hub.

The Bank of Korea established an advisory group to revise the legislative framework before the launch of the digital won. Despite their CBDC will more resemble a digital version of fiat currency, it is obvious that the existing financial legislation should be adjusted to the circulation of a new digital asset.

On June 12, 2020, the Seoul Metropolitan Police announced investigating a cryptocurrency scam project run by three fraudsters having collected about 100 billion won (approx. $83.1 million USD).

Suseong University will build an exclusively blockchain and AI technology campus in Daegu ready to admit students in a year’s time.

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 Parliament has at long last passed another act that will see the nation's cryptocurrency market regulated by  a legitimate administrative rule.