Gyeongbuk Province Wants to Create ‘Blockchain Hub’

With blockchain and crypto adoption already taking place in different world jurisdiction, the government of South Korea’s Gyeongbuk province does not want to be left out.

The region has created a ‘Blockchain Special Committee’ that will transform the region into a ‘blockchain hub.’ According to a local news agency, DailyNews, 40 experts from the blockchain industry have been invited from different parts of the world to help the province explore blockchain technology.

Notably, the team includes Jonathan Kochmer of Rchain and Ripple founder Alexis Sirkia.

Speaking on the objective of the new Blockchain Special Committee in Gyeongbuk, Governor of the province, Lee Cheol-uoo said in the publication,

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.

Gyeongbuk Province Seeks Blockchain and Crypto Prominence

The latest move by province is not the first time they are making an effort towards embracing blockchain technology. During the summer, the province’s government also announced plans to introduce a cryptocurrency called Gyeongbuk Coin which will be accepted by merchants in the locality

At that time, Sunghyun Chung, Head of the science and technology policy department of Gyeongsangbuk reckoned that cryptocurrencies are a “core technology to be accepted”

Whether the province attains the status of a ‘blockchain hub’ in the future is a question only time can answer.On a grand scale, South Korea is already pushing toward blockchain technology adoption with a new $35 million added to the national budget for this purpose.