South Korea to launch blockchain-based pilot project for 2017

The South Korean Financial Services Commission has announced its intention to launch a blockchain pilot project in the next 12 months to service the country’s developing financial sector.

South Korea’s primary financial authority and regulator, the Financial Services Commission (FSC) is planning to implement blockchain technology as the core infrastructure system across financial services platform, and is coming just weeks after the formation of South Korea’s first blockchain consortium.

The government/private consortium has been spearheaded by the FSC with further backing from the Korea Financial Investment Association and would develop distributed ledger solutions in the form of an incubator think tank for the Korean capital market. South Korea’s five largest banks - Industrial Bank of Korea (IBK), KEB Hana, Shinhan, Kookmin, and Woori - joined the consortium last financial quarter.

The FSC is also set to consider bitcoin regulation over the coming year as the result of a digital currency task force set up in 2016 to develop licensing and legislative parameters for bitcoin payments. The HSC and other prominent South Korean financial groups would aim to systemise the digital currency, which would follow on from similar movements across Japanese and American markets.

The announcement for a pilot project also followed the announcement of a research project into blockchain technology at The Bank of Korea, which would include the development of initiatives to stem possible technical and political challenges which would arise from the adoption of blockchain into the nation’s financial system.

As part of South Korea’s new blockchain initiatives, the Korea Minting and Security Printing Corporation (KOMSCO) had also recently begun development on a blockchain-based digital asset platform.

The movements from South Korea’s primary financial institutions were planned to develop in line with the country’s view on blockchain technology as a new industrial revolution.

 

 

Related Stories

Australia in strong global blockchain position
Australia’s fintech industry is in a strong global position and is taking advantage of blockchain... Read More
There has been a marked increase in bitcoin-based scams by fraudsters in the last few months that have been deemed inevitable as the cryptocurrency gains prominence.
Bitcoin fraud ‘too commonplace’ say experts
The demonetisation in India enforced by the central government last November saw 87 per cent of... Read More
Despite its high standing on the global fintech scene and ripe demand for cryptocurrencies, bitcoin businesses have faded in the Hong Kong market.
Hong Kong loses grip on Bitcoin
Issues with regulation are plaguing the bitcoin market in Hong Kong, with complex regulations... Read More
A blockchain incubator will open in India’s capital to provide three-month programs for blockchain-based start-ups to launch in South-East Asia.
South-East Asia’s first blockchain incubator to open in Delhi
A new program for start-ups in India is being launching in Delhi in the form of a first-of-its-kind... Read More

Comments