Korea’s Blockchain Association set to Turn South Korea’s 6th Largest City Into a Blockchain Centre

Korea’s Blockchain Association set to Turn South Korea’s 6th Largest City Into a Blockchain Centre

The blockchain association of South Korea (Korea Blockchain Enterprise Promotion Association) plans to influence the authorities in Gwangju to help with its agenda of transforming the region into a specialized Crypto-Valley District. According to the association, the transformation of South Korea’s 6th largest city into virtual currency centre will make available plenty of jobs, (KBEPA).

KBEPA to Meet Up with the Mayor of Gwangju

To kick start the agenda, the Korea Blockchain Enterprise Promotion Association (KBEPA) in partnership with Universal Group is trying to meet with Lee Yong-Sub, the Mayor of Gwangju and other politicians in the city.

This was confirmed in a statement which reads:
“We plan to meet Mayor Lee officially to deliver the recommended plans to announce and transform Gwangju into a special governing city for the cryptocurrency. We also plan to meet the council person Kim Dong-Chan to ask for support.”

According to the association, the government of South Korea has always put its concentration on the manufacturing sector for job creation and have been turning a blind eye towards the rise of the 4th industrial revolution. The association stressed that the creation of a crypto-valley district in Gwangju will provide 1 million new jobs in the city.

Kim In-Ki, the Chief Executive of Universal Group cited examples of Estonia and Malta both of which their embracement of the blockchain technology has been of advantage to them:

Kim stated that:
“Estonia and Malta have been the forerunners of the 4th industrial revolution by successfully attracting global blockchain corporations to invest in their cities, and they have enjoyed astronomical rises in the number of jobs created. Our government has attempted to create new jobs by myopically focusing on the manufacturing — auto or shipbuilding — industry, overlooking the rise of the 4th industrial revolution.”

The South Korea Government Was Also Faulted

In addition, the government of South Korea was faulted by the blockchain body because of its stance as regards blockchain and cryptocurrency exchanges. Instances, whereby unfavourable regulations have forced some firms in the country to open exchanges abroad, were also cited.