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.
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.