China recently announced its endorsement of Blockchain Adoption in the country. Following this, the crypto industry got very excited and as a result, Chinese Stock prices increased. Following the lead, the South Korean Government has pledged its own Blockchain adoption.
On October 28, 2019; The government announced it’s interested in Blockchain. The South Korean Government will carry out support projects to develop the blockchain industry. The Korea Internet & Security Agency (KISA) will invest 10 billion won ($9.0 million) funds in blockchain-related projects in 2020. Moreover, KISA will focus on promoting the blockchain project to generate institutional interests in space-related education. Some USD 3.4 million in funding will be given by the government-run National IT Industry Promotion Agency (NIPA). NIPA will further introduce blockchain-related courses to cater to the country’s young developers, entrepreneurs, and technology enthusiasts.
KISA “We will find more blockchain businesses this year”
Min Kyung-Sik, head of KISA said “We are going to discover a lot of ‘blockchain things’ when we say that it is a characteristic of the next year’s blockchain business. We continue to communicate with the public demand agencies to find a lot of projects to discover these projects. ” KISA till now do not have plans to invest in crypto-related projects.
NIPA “Support technology verification to discover blockchain company”
NIPA wants to focus more on technology verification business, regulatory improvement research group operation, consulting support business, and human resource development business.
Yong-Joo Bang, head of the team, said, “This year, it will be conducted in the form of identifying and supporting the areas that companies need. The budget will be about 400 million won per project. I look forward to taking the lead. ”
About 10 projects will be chosen for next year while one or two of them will receive funding over a number of years. Both public sector and private sector projects will be eligible to apply and application will be taken through Nov. 11
How the ICON will be affected?
ICON (ICX) is the biggest South Korea based coin. It allows information to easily be exchanged between government, banks, financial firms, healthcare providers, educational institutions, and private companies. Earlier, a crypto trader had predicted ICON prices will increase if South Korea is to accept blockchain.
However, the technical indicators as of now do not show potential growth for ICON. This Blockchain Adoption news from South Korea could cause cryptocurrencies based on the country to increase, the current price position and its technical indicators provide a bearish outlook.