South Korea Integrates Blockchain into $4.4 Billion Innovative Growth Plan

South Korea’s government has announced a plan to invest five trillion Korean won (approximately $4.4 billion) in the development of several innovative sectors next year, including blockchain technology, which supports various cryptocurrencies like Bitcoin. This initiative is part of the government’s strategy to boost the country’s economy, as detailed in a statement from the Ministry of Economy and Finance.

Titled ‘Growth through Innovation’, the initiative aims to foster a platform economy while supporting eight pilot projects in emerging technologies.

The government has decided to concentrate its efforts on two main platforms: one focusing on digital solutions for big data analytics and the other on building a supply chain for hydrogen fuel cells. Four specific projects have been announced as part of this initiative.