A South Korean pan-governmental meeting has reportedly been held to establish closer monitoring of the country’s cryptocurrency market amid the recent sharp uptick in crypto valuations. The news was reported by local broadcasting station KBS World Radio on May 28. Today’s meeting, led by the Minister of the Office for Government Policy Coordination, Noh Hyeong-ouk, was largely prompted by bitcoin (BTC)’s recent break above 10 million won (~$8,400), the report states. The coin last hit a similar valuation around a year ago, with local officials ostensibly interpreting the fresh surge as a sign of a possibly overheating market. Meeting participants …

Korea’s oldest bank, Shinhan Bank, has launched a blockchain-enabled lending platform to speed up the loan process, South Korean news agency Yonhap reports on May 27. Shinhan Bank’s blockchain-powered loan system intends to boost cost and time efficiencies in the lending process, reportedly enabling the public to apply for loans online and get their credits without face-to-face interaction. According to the report, the new system is the first initiative of its kind introduced in South Korea. Specifically, Shinhan Bank’s new lending system applies blockchain technology in the verification and confirmation processes within the network of affiliated institutions and banks. The …

The South Korean Ministry of Science and ICT is going to run a follow-up study on blockchain regulations, according to a Yonhap News report on May 21. The study is called the “Blockchain Regulation Improvement Study Group” and is part of an initiative run by the government’s science and tech arm to figure out how regulations could be improved so that blockchain tech could achieve widespread institutional adoption. The Blockchain Regulation Improvement Study Group was launched in June of last year, and initially focused on improving legal regulations pertaining to blockchain tech such as personal privacy, smart contracts, electronic documents …

The South Korean city of Seoul will implement blockchain technology in its citizen cards, Korean publication Queen.co.kr reports on May 20. Park Won-soon, the mayor of Seoul, has participated in the ongoing event “Korea Future Forum (KFF) 2019 & Blockchain Tech Show,” reporting on the city’s achievements in embracing major technologies including blockchain and artificial intelligence. The mayor highlighted the role of blockchain in storing data, noting that the value of data “has become even more important than before.” According to Park, the city of Seoul will implement blockchain in collecting urban and administrative data to enable new services such …

A climate change initiative of the United Nations signed a Memorandum of Understanding (MoU) with nonprofit organization W-Foundation to collaborate on climate action, according to a press release shared with Cointelegraph on May 16. In accordance with the new MoU, the Secretariat of the UN Framework Convention on Climate Change (UNFCCC) will work with South Korea-based W-Foundation to promote global climate action projects, including compensation of greenhouse gas emissions by using rewards in cryptocurrency. Specifically, the recent MoU mainly focuses on implementing the W-Foundation’s blockchain application HOOXI, which is a blockchain-based gaming and mobile social network. Available on iOS and …

The shutdown of Coinnest on April 18, one of the major crypto exchanges in South Korea, showcased the intense brutality of the 16-month bear market, which came crashing down as soon as bitcoin achieved an all-time high at a price of $20,000. While not many major crypto exchanges have closed their operations in the past year, most exchanges — with the exception of some platforms considered to have real daily volumes by Bitwise Asset Management — have struggled to maintain a stable inflow of revenue. The bear market was particularly difficult for small exchanges that are known to strategically inflate …

The parent company of South Korean cryptocurrency exchange Upbit has invested almost $50 million in blockchain startups since March 2018, English-language Korean business news outlet The Investor reported on May 15. Dunamu, which created a dedicated investment subsidiary, Dunamu & Partners, at the same time last year, has given cash to a total of 26 businesses. In total — under plans it announced previously — the company aims to invest 100 billion won ($84 million) into the industry. “Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world-class technology and …

Budget smartphones released by South Korean consumer electronics giant Samsung will reportedly feature cryptocurrency and blockchain features, local English-language local media Business Korea reports on May 14. Per the report, the crypto and blockchain-related functionality included in the Samsung S10 will be included in other Galaxy smartphone models. The electronics producer also reportedly plans to cooperate with telecommunications companies on blockchain-based mobile identification cards and local currencies. Chae Won-Cheol, senior managing director of the product strategy team at Samsung Electronics' Wireless Business Division, reportedly said: “We will lower barriers to new experiences by gradually expanding the number of Galaxy models …

Consumer electronics giant High Tech Computer (HTC) is rolling out in-wallet cryptocurrency trading for users of its Exodus 1 smartphone, according to a press release shared with Cointelegraph on May 14. HTC, which this week announced a low-cost version of its blockchain smartphone would appear around Q3 2019, now allows Zion Vault users to swap between various cryptocurrencies. The feature comes as a result of a partnership with Kyber Network, a dedicated platform for cross-token trading solutions. Swaps involve a selection of Ethereum (ETH)-based ERC-20 tokens, including basic attention token (BAT), kyber network (KNC) and dai (DAI), and removes the …

Ground X, the blockchain arm of South Korean internet giant Kakao Corp, has announced the launch date of its own blockchain platform, a Cointelegraph correspondent learned at Consensus 2019 on May 13. Per the announcement, the Klaytn mainnet will launch on June 27, 2019, and will purportedly be a major driver of blockchain adoption in the country. Kakao has a 96% market share in South Korea, with a presence in messaging, gaming, content services, financial services and mobility services. Kakao announced its intention of launching a blockchain platform last March, and released a testnet version of Klaytn in October. The …

The president and CEO of Samsung SDS — an IT and consultancy subsidiary of the South Korean tech conglomerate Samsung Group — has revealed the firm is including blockchain as one of the key technologies for its “Digital Transformation Network.” The development was revealed during president and CEO Hong Yuan Zhen’s keynote speech at Samsung’s Real 2019 event in Seoul on May 8. In a press release accompanying the event, Samsung outlined that its Digital Transformation Framework aims to leverage technological solutions in support of digital innovation for sectors such as manufacturing, marketing/sales and management systems, among others. Among its …

The South Korean Financial Services Commission (FSC) has authorized nine fintech companies to operate in the country as part of a regulatory sandbox, English-language local media The Korea Times reported on May 2. Per the report, the regulator has named the aforementioned nine startups and companies to provide innovative services using blockchain, fifth-generation telecommunications and other new technologies. The development is reportedly part of a broader financial regulatory sandbox initiative launched last January. The sandbox will reportedly include new financial services being offered for a trial period of up to four years without regulatory limits. A service provided by the …