Exciting changes are afoot in South Korea, as the country’s government announced its push for digital currency. At the same time, there is also a plan on the table to invest US$2.65bn in the Fintech sector over the next three years. It looks like South Korea is following the lead of Japan when it comes to financial services and digital currency, which is a positive sign.

A Big Step Forward For Digital Currencies In South Korea

Ever since Japan officially recognized Bitcoin as a currency, people have been wondering what other Asian countries might do. While China seems to be on the fence about digital currency, South Korea is taking bold steps in the right direction. Earlier today, the government announced the “systemic groundwork for the spread of digital currency” will be laid. At the same time, there will be a renewed focus on fintech in the country.

FSC Chairman Yim Jong-yong briefly explained the decision:

“The government will push for the systematization of digital currency on a full scale in tandem with a global trend in the U.S., Japan and other countries.”

But there is more to this announcement, as a new blockchain consortium will be created for South Korea. Blockchain technology is of great value to any government in the world, as it allows for safer and easier sharing of data. The two top priorities for this new consortium will be to conduct joint research and pilot new projects.

South Korea’s government further announced they would pump 3 trillion won – equal to US$2.65bn – into the fintech sector over the coming three years. Fintech is a booming business, and all nations want to be part of the next wave of financial innovation. It is positive to see South Korea pay specific attention to this industry, as it will help the country grow and improve its foreign relations.

During the first stage of this renewed fintech effort, the South Korean government removed unnecessary regulations from the equation. Now that they plan to focus on digital currency, it will be interesting to see how this news affects Bitcoin adoption in the country. For companies such as Korbit, this news will be music to their ears.

Based on the information we have received, it is likely this trend will spread to Singapore in the coming months. The FSC signed a memorandum of understanding with the MAS on bilateral cooperation in the fintech industry. This seems to indicate a future favorable digital currency push in Singapore.

Header image courtesy of Shutterstock

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