Experts eye to turn Busan into blockchain-based financial hub of South Korea

Experts eye to turn Busan into blockchain-based financial hub of South Korea

BUSINESS & ECONOMY| Jul 7, 2021 | WOZINGA NEWS

Experts eye to turn Busan into a blockchain-based financial hub of South Korea

  • The experts introduced the blockchain-based financial hub of Busan.
  • Busan has supported blockchain projects to test technologies and services. 

By Marielle Petere Wozinga Journalist

Blockchain experts eye to turn Busan into a blockchain-based financial hub of South Korea.

Blockchain experts have started to evaluate the future of Busan Metropolitan City as ‘the hub of a global digital information ecosystem,’ or blockchain-based hub.

According to Korea Herald, experts in blockchain technology assembled and discussed in Busan on July 6. During the gathering, the experts introduced the blockchain project of the city.

Director Shin Chang-ho presented the ambitious plan. Just a brief information about Shin, he is the director of Future Industry Bureau of Busan Metropolitan City.

Busan to evaluate blockchain-based services

Also, the media outlet relayed Shin’s statement. He emphasized that blockchain technology has made it ready for South Korea’s metropolis city ‘to transform into a financial hub and a global logistic center.’

In connection to the tech hub, Korea Herald quoted Shin’s announcement during the Korea CEO Summit. He affirmed, “The city has supported blockchain projects to test their technologies and services without much concern about the regulations.”

Moreover, Shin disclosed the services of Busan have aligned to blockchain projects. The news media discussed the city’s blockchain-based services: B PASS, ID services, Digital Voucher, Safety Report, B-Fresh, seafood logistic service, B-Tour, and a tour platform.

So far Busan has become the blockchain special zone in South Korea, But then, the country’s currency ‘circulating-boosting and service based on its digital ledger indicated.

Blockchain-based hub transformation

As the second-mega city in South Korea, the media outlet provided information during July 2019. It indicated that “the Ministry of SMEs and Startups”. The aim is to adopt blockchain tech on tourism, public safety, finance, and logistics.

In addition, several participants of the conference accepted that this technology becomes an ‘irreversible mainstream.’ The government and firms have funded the project.

Another Busan Bank executive, Lee Ju-hyuong, commented on digitization efforts. “The government is shifting its attitude toward cryptocurrencies by appointing a government body governing the industry,” Lee explained. “Financial companies like us are navigating opportunities.”

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