South Korea is making efforts to prepare “Systematic Groundwork” for the spread of digital currency. According to South Korea’s Yonhap agency, the country recently hosted the 12th Fintech Center Demo Day event, where Yim Jong-yong, chairman of the Financial Services Commission (FSC), declared that the South Korean government would also offer $2.65 bln in financial support over the next 3 years for the development of the fintech sector. Cointelegraph has already reported new Bitcoin centric developments in South Korea recently and how things are changing fast in Korea in sync with developments in the US, Japan and other nations. South Korea going beyond Bitcoin The push for a national digital currency is nothing new. Many other countries have been toying with the idea including Netherlands , United Kingdom , Canada and even China . We know from the Yonhap news release that while a consortium on Blockchain will be launched this year for joint research and pilot projects, financial support will also be made available by the government. It is pertinent to mention here that the FSC is the South Korean office responsible for financial services. They have recently also launched the world’s first fintech open platform to ease development of innovative fintech services. FSC describes the future of this platform on their website: “The Korea Financial Telecommunications & Clearings Institute and Koscom will provide virtual data and simulation environments for Fintech firms to run test operations of their Fintech services and offer technology consulting services. The Financial Security Institute will ensure stability of Fintech services and financial consumer safety before the launch of the services.” The case for a cashless world There are obvious benefits to digital currencies. The success of Bitcoin has shown already that a digital currency can co-exist with traditional paper currencies and facilitate movement […]
