South Korea’s Gyeongbuk Province Launches ‘Special Committee’ to Create Blockchain Hub

The government of South Korea’s Gyeongbuk province has launched a “Blockchain Special Committee” with the goal of creating a blockchain hub in the region, local media outlet Daily News reported Nov. 14.

North Gyeongsang Province, also known as Gyeongbuk, plans to create a blockchain hub, inviting 40 domestic and foreign experts in the industry to consult on the project.

Lee Cheol-uoo – a former member of the National Assembly of South Korea and current governor of the province – explained to local media the aims of the newly established committee as attracting investment for blockchain related businesses in the region. He also noted:

"In order to nurture the blockchain industry, we will work with the special committee, composed of domestic and international experts, to preemptively respond and establish strategies."

The Committee’s establishment is not the region’s first venture into blockchain. This summer, the province’s government announced plans to issue its own local cryptocurrency, dubbed Gyeongbuk Coin, which will reportedly be accepted by merchants across the region.

South Korea as a whole has recently signalled a push for development in blockchain. As Cointelegraph reported last week, the country’s government ruled to increase the federal budget for developing blockchain technology for the year 2019 to approximately $35 million, a three-fold increase from this year.